<p>在 2026 年第一季度，投资管理巨头伯克希尔哈撒韦（Berkshire Hathaway）NYSE: BRK.B 做出了一个少有人预见的投资组合决策。根据其 13F SEC 文件，伯克希尔在梅西百货（Macy’s）NYSE: M 上建立了一个新头寸——这是美国最具标志性的百货商店之一。</p>
<p>尽管梅西百货自 2015 年达到巅峰以来关闭了许多门店，但该公司仍然是其行业中的顶尖品牌之一。事实上，在 2024 年，梅西百货根据销售额排名为全球最大的百货商店，收入约为 237 亿美元。</p>
<p>然而，从梅西百货的股票走势来看，这一点并不明显。总体而言，股票价格较 2015 年创下的历史高点下跌了约 50%。与此同时，梅西百货的市值从近 250 亿美元降至约 60 亿美元，在 11 年内损失了 75% 的价值。</p>
<p>考虑到电子商务的巨大转变，梅西百货已成为少数投资者会考虑的股票。然而，伯克希尔显然在这个零售品牌中看到了机会，投资了 5500 万美元。让我们分析一下梅西百货的过去和现在，以试图理解伯克希尔为何看好这只股票。</p>
<h2>梅西百货的衰落：门店、收入和利润率下滑</h2>
<p>如前所述，梅西百货在过去十年左右的时间里，门店数量显著下降。2016 年，梅西百货总共有超过 850 家门店。这包括 700 多家旗舰梅西百货店、50 多家 Bloomingdale's 店和 70 多家 Bluemercury 店。</p>
<p>如今，门店总数已降至不到 675 家。梅西百货品牌门店的减少是导致这一下降的主要原因，目前实体店数量已不足 450 家。与此同时，Bloomingdale's 和 Bluemercury 的门店数量实际上有所增加，分别达到了 60 家和 150 家。</p>
<p>过去 12 个月的收入为 227 亿美元，自 2024 年以来显著下降，较 2014 年日历年高峰的 281 亿美元下降了约 19%。梅西百货最新季度的营业利润率仅为 2.3%，远低于 2014 年同期的 6% 以上。</p>
<p>考虑到这些指标，梅西百货市值为何大幅下滑变得更加清晰。然而，从较短的时间线来看，梅西百货在业务上显示出改善——这在其最近发布的财报中得到了体现。</p>
<h2>梅西百货发布巨额调整后每股收益超预期，提升指引</h2>
<p>梅西百货在 6 月初公布了 2026 年第一季度的财报——在多个方面都交出了不错的成绩。（请注意，该公司的财务报告周期略晚于日历周期。）公司公布的收入为 48.9 亿美元，同比增长 1.8%，显著高于预期的 46.1 亿美元。</p>
<p>调整后每股收益（EPS）同比增长 18%，达到 13 美分，远超预期。分析师预计调整后每股收益仅为 2 美分，意味着同比下降 82%。公司将这一超预期表现归因于销售增长远超预期。</p>
<p>可比销售（剔除门店数量变化的影响）同比增长 3%，是自 2022 年以来的最高增长。这与梅西百货可比销售增长指引的 0.5% 至 1.5% 形成对比，且较去年下降了 2%。此外，尽管面临 4 美分的关税压力，梅西百货仍实现了巨额的调整后每股收益超预期。</p>
<p>梅西百货还提高了全年的指引。公司现在预计可比销售增长的中位数为 0.85%，而之前为 0%。其调整后每股收益的中位数指引现在为 2.10 美元，较之前的 2 美元有所上升。更新后的调整后每股收益指引暗示同比下降 9.5%。</p>
<p>梅西百货的一项关键举措是重新改造其梅西品牌门店。随着奢侈品牌 Bloomingdale's 和 Bluemercury 的增长速度远快于梅西百货，其可比销售分别同比增长 10.2% 和 6.4%。与此同时，梅西品牌的可比销售仅同比增长 1.6%。</p>
<p>为了解决这个问题，公司正在通过 “重新构想” 计划改善梅西百货的门店。重新构想的改进包括改变商品组合和店内视觉营销。已经进行重新构想改进的 200 家梅西百货门店显示出更好的可比销售增长，达到 2.4%。这提供了重新构想策略见效的证据。</p>
<h2>梅西百货：一家正在复苏的公司，仍有许多需要证明的地方</h2>
<p>总体而言，梅西百货吸引伯克希尔的原因非常明确。尽管该公司在过去十年中遭遇了巨大的困难，但其近期的改善是真实的。不过，值得注意的是，伯克希尔并没有在这只股票上进行大规模押注。5500 万美元仅占该公司超过 2500 亿美元的整体股票投资组合的一小部分。如果梅西百货继续在复苏上取得进展，伯克希尔可能会随着时间的推移增加其持仓。</p>
<p>值得注意的是，华尔街分析师并不太乐观。MarketBeat 的共识目标价为 20.30 美元，意味着股票还有约 10% 的下行空间。两项在公司报告后更新的目标价平均为 25 美元，暗示适度的上行空间。</p>
<h2>你现在应该投资 1000 美元在梅西百货吗？</h2>
<p>在你考虑梅西百货之前，你需要听听这个。</p>
<p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师，以及他们每天向客户推荐的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前买入……而梅西百货并不在名单上。</p>
<p>虽然梅西百货目前在分析师中获得了减持评级，但顶级分析师认为这五只股票更值得投资。</p>
<p>在这里查看这五只股票</p>

梅西百货

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

2 倍做多 BRKB ETF - Direxion

<p>伯克希尔哈撒韦在其 2026 年第一季度的 13F 文件中披露了对梅西百货的新投资，金额为 5500 万美元。尽管梅西百货的股票从峰值下跌了 50%，市值缩水至 60 亿美元，但这家零售巨头在第一季度报告了强劲的业绩，收入为 48.9 亿美元，调整后的每股收益超出预期 82%。公司提高了全年指引，并强调其 “重新构想” 门店计划的成功，暗示了吸引沃伦·巴菲特公司投资的潜在价值</p>

<p>In Q1 2026, investment management behemoth Berkshire Hathaway NYSE: BRK.B made a portfolio decision that few saw coming. According to its 13F SEC filing, Berkshire took a new position in Macy’s NYSE: M—one of the United States' most iconic department stores.</p>
<div class="lb-trans"><p>在 2026 年第一季度，投资管理巨头伯克希尔哈撒韦（Berkshire Hathaway）NYSE: BRK.B 做出了一个少有人预见的投资组合决策。根据其 13F SEC 文件，伯克希尔在梅西百货（Macy’s）NYSE: M 上建立了一个新头寸——这是美国最具标志性的百货商店之一。</p>
</div><p>While Macy’s has closed many locations since its peak in 2015, the firm still remains one of the top names in its industry. In fact, in 2024, Macy’s ranked as the world’s largest department store based on sales, with revenue of approximately $23.7 billion.</p>
<div class="lb-trans"><p>尽管梅西百货自 2015 年达到巅峰以来关闭了许多门店，但该公司仍然是其行业中的顶尖品牌之一。事实上，在 2024 年，梅西百货根据销售额排名为全球最大的百货商店，收入约为 237 亿美元。</p>
</div><p>However, this would not be immediately apparent from the trajectory of Macy’s stock. Overall, shares are down around 50% from their all-time high reached in 2015. Meanwhile, Macy’s market capitalization has fallen from nearly $25 billion to around $6 billion, losing 75% of its value in 11 years.</p>
<div class="lb-trans"><p>然而，从梅西百货的股票走势来看，这一点并不明显。总体而言，股票价格较 2015 年创下的历史高点下跌了约 50%。与此同时，梅西百货的市值从近 250 亿美元降至约 60 亿美元，在 11 年内损失了 75% 的价值。</p>
</div><p>Given the massive shift toward e-commerce, Macy’s has become a stock that few investors would think to consider. However, Berkshire clearly sees something in this retail name, investing $55 million. Let’s break down where Macy’s has been and where it is today to try to understand why Berkshire sees value in this stock.</p>
<div class="lb-trans"><p>考虑到电子商务的巨大转变，梅西百货已成为少数投资者会考虑的股票。然而，伯克希尔显然在这个零售品牌中看到了机会，投资了 5500 万美元。让我们分析一下梅西百货的过去和现在，以试图理解伯克希尔为何看好这只股票。</p>
</div><h2>Macy’s Fall From Grace: Stores, Revenue, and Margins Sink</h2>
<div class="lb-trans"><h2>梅西百货的衰落：门店、收入和利润率下滑</h2>
</div><p>As noted, Macy’s has seen a significant drop in its store count in the span of the past decade or so. In 2016, Macy’s had over 850 total stores. This included over 700 of its flagship Macy's-branded stores, over 50 Bloomingdale's stores, and over 70 Bluemercury stores.</p>
<div class="lb-trans"><p>如前所述，梅西百货在过去十年左右的时间里，门店数量显著下降。2016 年，梅西百货总共有超过 850 家门店。这包括 700 多家旗舰梅西百货店、50 多家 Bloomingdale's 店和 70 多家 Bluemercury 店。</p>
</div><p>Today, the total store count has fallen to less than 675. The reduction in Macy’s-branded storefronts has driven all of this decline, with there now being fewer than 450 physical locations. Meanwhile, Bloomingdale's and Bluemercury locations have actually increased, with store counts of over 60 and 150, respectively.</p>
<div class="lb-trans"><p>如今，门店总数已降至不到 675 家。梅西百货品牌门店的减少是导致这一下降的主要原因，目前实体店数量已不足 450 家。与此同时，Bloomingdale's 和 Bluemercury 的门店数量实际上有所增加，分别达到了 60 家和 150 家。</p>
</div><p>Last 12 months' revenue came in at $22.7 billion, down meaningfully since 2024 and down around 19% from its calendar 2014 peak of $28.1 billion. Macy’s operating margin hit a very thin 2.3% in its latest quarter, well down from its level of over 6% during the comparable quarter in 2014.</p>
<div class="lb-trans"><p>过去 12 个月的收入为 227 亿美元，自 2024 年以来显著下降，较 2014 年日历年高峰的 281 亿美元下降了约 19%。梅西百货最新季度的营业利润率仅为 2.3%，远低于 2014 年同期的 6% 以上。</p>
</div><p>Considering these metrics, it starts to become much clearer why Macy’s market capitalization has fallen so drastically. However, looking over a shorter timeline, Macy’s has shown improvements in its business—demonstrated by its recently released earnings report.</p>
<div class="lb-trans"><p>考虑到这些指标，梅西百货市值为何大幅下滑变得更加清晰。然而，从较短的时间线来看，梅西百货在业务上显示出改善——这在其最近发布的财报中得到了体现。</p>
</div><h2>Macy’s Posts Huge Adjusted EPS Beat, Raises Guidance</h2>
<div class="lb-trans"><h2>梅西百货发布巨额调整后每股收益超预期，提升指引</h2>
</div><p>Macy’s reported its Q1 2026 earnings in early June—putting up solid numbers on several fronts. (Note that the firm’s fiscal reporting period is slightly behind the calendar period.) The company posted revenue of $4.89 billion, an increase of 1.8% year over year (YOY), and significantly above estimates of $4.61 billion.</p>
<div class="lb-trans"><p>梅西百货在 6 月初公布了 2026 年第一季度的财报——在多个方面都交出了不错的成绩。（请注意，该公司的财务报告周期略晚于日历周期。）公司公布的收入为 48.9 亿美元，同比增长 1.8%，显著高于预期的 46.1 亿美元。</p>
</div><p>Adjusted earnings per share (EPS) rose by 18% YOY to 13 cents, drastically better than anticipated. Analysts expected adjusted EPS of just 2 cents, implying a drop of 82% YOY. The company attributed this outperformance to sales growth that far exceeded expectations.</p>
<div class="lb-trans"><p>调整后每股收益（EPS）同比增长 18%，达到 13 美分，远超预期。分析师预计调整后每股收益仅为 2 美分，意味着同比下降 82%。公司将这一超预期表现归因于销售增长远超预期。</p>
</div><p>Comparable sales, which eliminate the effect of store count changes, rose 3% YOY—its strongest growth since 2022. This contrasted with Macy’s comparable sales growth guidance of 0.5% to 1.5% and growth of -2% from a year ago. Additionally, Macy’s achieved its huge adjusted EPS beat despite a 4-cent tariff headwind.</p>
<div class="lb-trans"><p>可比销售（剔除门店数量变化的影响）同比增长 3%，是自 2022 年以来的最高增长。这与梅西百货可比销售增长指引的 0.5% 至 1.5% 形成对比，且较去年下降了 2%。此外，尽管面临 4 美分的关税压力，梅西百货仍实现了巨额的调整后每股收益超预期。</p>
</div><p>Macy’s also raised its guidance for the full year. The company now expects midpoint comparable sales growth of 0.85%, compared to 0% previously. Its midpoint adjusted EPS guidance now sits at $2.10, up from $2. Its updated adjusted EPS guidance implies a YOY decline of 9.5%.</p>
<div class="lb-trans"><p>梅西百货还提高了全年的指引。公司现在预计可比销售增长的中位数为 0.85%，而之前为 0%。其调整后每股收益的中位数指引现在为 2.10 美元，较之前的 2 美元有所上升。更新后的调整后每股收益指引暗示同比下降 9.5%。</p>
</div><p>One of Macy’s key initiatives is to revamp its Macy's-branded stores. This comes as luxury brands Bloomingdale's and Bluemercury are growing much faster, with comparable sales rising 10.2% YOY and 6.4% YOY, respectively. Meanwhile, Macy's-branded comparable sales grew just 1.6% YOY.</p>
<div class="lb-trans"><p>梅西百货的一项关键举措是重新改造其梅西品牌门店。随着奢侈品牌 Bloomingdale's 和 Bluemercury 的增长速度远快于梅西百货，其可比销售分别同比增长 10.2% 和 6.4%。与此同时，梅西品牌的可比销售仅同比增长 1.6%。</p>
</div><p>To fix this, the company is improving Macy’s stores through its “Reimagine” initiative. Reimagine improvements include altering the mix of merchandise and visual marketing within the stores. The 200 Macy’s locations that have already undergone Reimagine improvements showed better comparable sales growth of 2.4%. This provides evidence that the Reimagine strategy is paying off.</p>
<div class="lb-trans"><p>为了解决这个问题，公司正在通过 “重新构想” 计划改善梅西百货的门店。重新构想的改进包括改变商品组合和店内视觉营销。已经进行重新构想改进的 200 家梅西百货门店显示出更好的可比销售增长，达到 2.4%。这提供了重新构想策略见效的证据。</p>
</div><h2>Macy’s: A Recovering Company With a Lot Left to Prove</h2>
<div class="lb-trans"><h2>梅西百货：一家正在复苏的公司，仍有许多需要证明的地方</h2>
</div><p>Overall, there are some clear reasons why Macy’s would be attractive to Berkshire. While the company has struggled mightily over the past decade, its recent improvements are real. Still, it is worth noting that Berkshire is not making a big bet on this stock. At $55 million, it represents a tiny fraction of the firm’s overall equity portfolio of over $250 billion. Should Macy’s continue to make progress on its recovery, it is possible that Berkshire could increase its position over time.</p>
<div class="lb-trans"><p>总体而言，梅西百货吸引伯克希尔的原因非常明确。尽管该公司在过去十年中遭遇了巨大的困难，但其近期的改善是真实的。不过，值得注意的是，伯克希尔并没有在这只股票上进行大规模押注。5500 万美元仅占该公司超过 2500 亿美元的整体股票投资组合的一小部分。如果梅西百货继续在复苏上取得进展，伯克希尔可能会随着时间的推移增加其持仓。</p>
</div><p>Notably, Wall Street analysts are not overly optimistic. The MarketBeat consensus price target of $20.30 implies around 10% downside in shares. The average of two targets updated after the firm’s report is $25, implying moderate upside.</p>
<div class="lb-trans"><p>值得注意的是，华尔街分析师并不太乐观。MarketBeat 的共识目标价为 20.30 美元，意味着股票还有约 10% 的下行空间。两项在公司报告后更新的目标价平均为 25 美元，暗示适度的上行空间。</p>
</div><h2>Should You Invest $1,000 in Macy's Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在梅西百货吗？</h2>
</div><p>Before you consider Macy's, you'll want to hear this.</p>
<div class="lb-trans"><p>在你考虑梅西百货之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Macy's wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师，以及他们每天向客户推荐的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前买入……而梅西百货并不在名单上。</p>
</div><p>While Macy's currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然梅西百货目前在分析师中获得了减持评级，但顶级分析师认为这五只股票更值得投资。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

What's Make of Macy's: Berkshire Hathaway's Latest Buy

- 伯克希尔·哈撒韦在 2026 年第一季度增持梅西百货 5,500 万美元。  
- 梅西百货营收增长 1.8%，调整后每股收益大幅超预期。  
- 尽管面临市场挑战，梅西百货正在实施 “重塑” 计划以提升业绩。

梅西百货：伯克希尔哈撒韦最新的收购对象