<p><strong>沃爾瑪</strong>(WMT 2.32%) 可能是美國銷售額最大的公司，但它仍在不斷擴大其收入。曾幾何時，競爭對手 <strong>亞馬遜</strong>(AMZN -0.64%) 看起來有望超越它，但沃爾瑪實在太大，表現也太好，難以追趕。這是一場真正巨頭之間的較量，兩家公司在過去四個季度的收入均超過 6000 億美元。</p>
<p>沃爾瑪上週發佈了另一份出色的季度報告，推動業績增長的因素可能會讓你感到驚訝。推動其增長的兩個因素是電子商務的增長和吸引高收入客户的能力提升——這些領域在歷史上並不是其強項。但沃爾瑪在其電子商務業務中進行了戰略調整，並且正在快速發展。沃爾瑪能否翻轉其業務，並在電子商務領域挑戰亞馬遜？</p>
<h2>電子商務的遲到者</h2>
<p>沃爾瑪在電子商務熱潮中遲到，因此錯過了一些早期主導市場的機會。作為美國最大的零售商，它本可以佔據優勢。然而，過去幾年它一直在發展強大的電子商務業務。當疫情爆發、顧客轉向在線購物時，它已經做好了良好的準備，儘管仍遠遠落後於亞馬遜，但它仍然位居第二。</p>
<p>在截至 10 月 31 日的 2025 財年第三季度，總銷售額同比增長 5.5%，而電子商務銷售額增長了 27%。在美國，銷售額增長了 5.3%，而電子商務銷售額增長了 22%。管理層在報告中指出了幾個增長驅動因素：店內訂單履行、店內自取、廣告和市場。</p>
<p>在其國際業務中，電子商務收入同比增長 43%，主要得益於店內訂單履行、店內自取和市場。同時，其山姆會員店子公司——類似於 <strong>好市多</strong> 的倉儲會員連鎖——電子商務銷售額增長了 26%，這一增長顯著得益於店內訂單履行和自取。</p>
<p>管理層將這一業績提升的很大一部分歸因於其通過擴展吸引高收入客户的產品線而增強的能力。它表示，這部分人羣在本季度佔沃爾瑪市場份額增長的 75%。</p>
<p>沃爾瑪的電子商務業務尚未盈利，但它有資金繼續擴展，直到盈利為止——管理層對這一目標充滿信心。</p>
<h2>與亞馬遜的比較</h2>
<p>沃爾瑪的電子商務增長可能超過亞馬遜。儘管這些指標可能無法直接比較，但亞馬遜第三季度來自在線商店的淨銷售額增長了 7%，而第三方賣家的收入增長了 10%，廣告銷售增長了 19%。</p>
<p>沃爾瑪在在線銷售方面不太可能很快追上亞馬遜。根據 Statista 的報告，去年亞馬遜佔美國電子商務銷售的 37.6%，而沃爾瑪的份額僅為 6.4%。但它可能正在獲取更多的市場份額，而在沃爾瑪的層面上，金額是巨大的。</p>
<p>憑藉在美國超過 4600 家門店的網絡，沃爾瑪在某些方面優於亞馬遜。亞馬遜無法提供與沃爾瑪等實體零售商相同的店內自取選項和其他全渠道優勢。這可能不足以抵消亞馬遜在物流網絡或 Prime 會員計劃中獲得的優勢，但它確保沃爾瑪能夠保持一定的電子商務銷售份額，吸引那些偏好實體店優勢的顧客。</p>
<p>沃爾瑪仍然是一家比亞馬遜大得多的公司，而不是失去市場份額，反而看起來在增長。我曾假設亞馬遜會超越沃爾瑪，但儘管差距仍在縮小（主要是由於亞馬遜的非電子商務部門），但所需時間比我想象的要長得多。憑藉其強大的電子商務業務，沃爾瑪可能會更長時間地抵禦亞馬遜的挑戰。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c3a4e22dbd9c9453962a06aa4dae0082.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c3a4e22dbd9c9453962a06aa4dae0082.png"/></p>
<p>WMT 收入 (TTM) 數據來自 YCharts</p>
<h2>沃爾瑪股票值得買嗎？</h2>
<p>沃爾瑪的卓越業績與競爭對手 <strong>塔吉特</strong> 同時發佈，而後者在同一時期的經歷截然不同。其電子商務部門的增長速度超過了亞馬遜、塔吉特和好市多。</p>
<p>但儘管沃爾瑪的股票最近看起來更具吸引力，但它並不便宜。其市盈率為 36，高於其五年平均水平 31。</p>
<p>這可能不是最佳的購買時機。然而，沃爾瑪是一個長期投資，並且它也支付可靠增長的股息。這隻抗跌股票今年的表現超過市場，上漲了 67%。這比許多成長股要好。你可以在任何時候購買它，並在多年內獲得穩定的收益。</p>

亞馬遜

沃爾瑪

<p>沃爾瑪正在增強其電子商務戰略以與亞馬遜競爭，報告稱 2025 財年第三季度電子商務銷售增長了 27%。儘管落後於亞馬遜，沃爾瑪的增長得益於店內訂單履行和吸引高收入客户。雖然沃爾瑪在美國電子商務銷售中僅佔 6.4%，而亞馬遜佔 37.6%，但其實體店網絡提供了獨特的優勢。沃爾瑪的股票以 36 倍的市盈率交易，儘管並不便宜，但被視為長期投資。該公司今年表現強勁，股價上漲了 67%</p>

<p><strong>Walmart</strong>(WMT 2.32%) may be the largest company in the U.S. by sales, but it keeps making its top line bigger. For a while, it looked like competitor <strong>Amazon</strong>(AMZN -0.64%) was poised to overtake it, but Walmart is just too big and doing too well to catch. It's a battle of true titans, as both companies boast more than $600 billion in revenues over the last four quarters.</p>
<div class="lb-trans"><p><strong>沃爾瑪</strong>(WMT 2.32%) 可能是美國銷售額最大的公司，但它仍在不斷擴大其收入。曾幾何時，競爭對手 <strong>亞馬遜</strong>(AMZN -0.64%) 看起來有望超越它，但沃爾瑪實在太大，表現也太好，難以追趕。這是一場真正巨頭之間的較量，兩家公司在過去四個季度的收入均超過 6000 億美元。</p>
</div><p>Walmart delivered another outstanding quarterly report last week, and the growth drivers behind the results might surprise you. Two factors helping it along are e-commerce growth and an improving ability to attract higher-income customers -- areas that have not historically been among its strong points. But Walmart has been making strategic changes in its e-commerce business, and it's taking off. Can Walmart flip its business and challenge Amazon in e-commerce?</p>
<div class="lb-trans"><p>沃爾瑪上週發佈了另一份出色的季度報告，推動業績增長的因素可能會讓你感到驚訝。推動其增長的兩個因素是電子商務的增長和吸引高收入客户的能力提升——這些領域在歷史上並不是其強項。但沃爾瑪在其電子商務業務中進行了戰略調整，並且正在快速發展。沃爾瑪能否翻轉其業務，並在電子商務領域挑戰亞馬遜？</p>
</div><h2>Late to the e-commerce party</h2>
<div class="lb-trans"><h2>電子商務的遲到者</h2>
</div><p>Walmart was late to the e-commerce boom, so it missed out on some early opportunities to dominate it. As the largest retailer in the U.S., it could have had an edge. However, it has been developing a strong e-commerce business over the past few years. It was already well positioned when the pandemic struck and customers switched to online shopping, and although it's way behind Amazon, it's still in second place.</p>
<div class="lb-trans"><p>沃爾瑪在電子商務熱潮中遲到，因此錯過了一些早期主導市場的機會。作為美國最大的零售商，它本可以佔據優勢。然而，過去幾年它一直在發展強大的電子商務業務。當疫情爆發、顧客轉向在線購物時，它已經做好了良好的準備，儘管仍遠遠落後於亞馬遜，但它仍然位居第二。</p>
</div><p>In its fiscal 2025 third quarter, which ended Oct. 31, total sales were up 5.5% year over year, but e-commerce sales were up 27%. In the U.S., sales were up 5.3% while e-commerce sales were up 22%. Management called out several growth drivers in the report: in-store order fulfillment, in-store pickup, advertising, and marketplace.</p>
<div class="lb-trans"><p>在截至 10 月 31 日的 2025 財年第三季度，總銷售額同比增長 5.5%，而電子商務銷售額增長了 27%。在美國，銷售額增長了 5.3%，而電子商務銷售額增長了 22%。管理層在報告中指出了幾個增長驅動因素：店內訂單履行、店內自取、廣告和市場。</p>
</div><p>In its international segment, e-commerce revenues increased 43% year over year, driven by in-store order fulfillment, in-store pickup, and marketplace. Meanwhile, for its Sam's Club subsidiary -- a warehouse membership chain similar to <strong>Costco Wholesale</strong> -- e-commerce sales increased 26%, a gain notably powered by in-store order fulfillment and pickup.</p>
<div class="lb-trans"><p>在其國際業務中，電子商務收入同比增長 43%，主要得益於店內訂單履行、店內自取和市場。同時，其山姆會員店子公司——類似於 <strong>好市多</strong> 的倉儲會員連鎖——電子商務銷售額增長了 26%，這一增長顯著得益於店內訂單履行和自取。</p>
</div><p>Management attributed much of that performance improvement to its growing ability to attract higher-income customers through strategies such as expanding its product lines in areas that appeal to them. It said that population accounted for 75% of Walmart's market share gains in the quarter.</p>
<div class="lb-trans"><p>管理層將這一業績提升的很大一部分歸因於其通過擴展吸引高收入客户的產品線而增強的能力。它表示，這部分人羣在本季度佔沃爾瑪市場份額增長的 75%。</p>
</div><p>Walmart's e-commerce business isn't profitable yet, but it has the money to keep scaling it until it is -- and management is confident that it will get there.</p>
<div class="lb-trans"><p>沃爾瑪的電子商務業務尚未盈利，但它有資金繼續擴展，直到盈利為止——管理層對這一目標充滿信心。</p>
</div><h2>Stacking up against Amazon</h2>
<div class="lb-trans"><h2>與亞馬遜的比較</h2>
</div><p>Walmart's e-commerce growth might be outpacing Amazon's. Although the metrics might not be directly comparable, Amazon's net sales from its online stores increased by 7% in the third quarter, while revenues from third-party sellers increased 10% and advertising sales increased by 19%.</p>
<div class="lb-trans"><p>沃爾瑪的電子商務增長可能超過亞馬遜。儘管這些指標可能無法直接比較，但亞馬遜第三季度來自在線商店的淨銷售額增長了 7%，而第三方賣家的收入增長了 10%，廣告銷售增長了 19%。</p>
</div><p>Walmart isn't likely to catch up to Amazon in online sales anytime soon. Last year, Amazon was responsible for 37.6% of U.S. e-commerce sales, while Walmart's share was just 6.4%, according to a Statista report. But it could be capturing more market share, and at Walmart's level, the dollar amount is huge.</p>
<div class="lb-trans"><p>沃爾瑪在在線銷售方面不太可能很快追上亞馬遜。根據 Statista 的報告，去年亞馬遜佔美國電子商務銷售的 37.6%，而沃爾瑪的份額僅為 6.4%。但它可能正在獲取更多的市場份額，而在沃爾瑪的層面上，金額是巨大的。</p>
</div><p>With its network of more than 4,600 stores in the U.S., Walmart has some edges over Amazon. Amazon can't offer the same in-store pickup options and other omnichannel benefits that physical retailers like Walmart provide. That may not be enough to outweigh the edges Amazon derives from its logistics network or its Prime membership program, but it ensures that Walmart will keep a certain share of e-commerce sales from shoppers who prefer the benefits of physical stores.</p>
<div class="lb-trans"><p>憑藉在美國超過 4600 家門店的網絡，沃爾瑪在某些方面優於亞馬遜。亞馬遜無法提供與沃爾瑪等實體零售商相同的店內自取選項和其他全渠道優勢。這可能不足以抵消亞馬遜在物流網絡或 Prime 會員計劃中獲得的優勢，但它確保沃爾瑪能夠保持一定的電子商務銷售份額，吸引那些偏好實體店優勢的顧客。</p>
</div><p>Walmart is still a much larger company than Amazon, and instead of losing market share, it looks like it's gaining. I have hypothesized for a while that Amazon is going to overtake Walmart, but although the gap is still closing, (mostly due to Amazon's non-e-commerce segments), it's taking a lot longer than I thought it would. With its strong e-commerce business, Walmart might fend off Amazon even longer.</p>
<div class="lb-trans"><p>沃爾瑪仍然是一家比亞馬遜大得多的公司，而不是失去市場份額，反而看起來在增長。我曾假設亞馬遜會超越沃爾瑪，但儘管差距仍在縮小（主要是由於亞馬遜的非電子商務部門），但所需時間比我想象的要長得多。憑藉其強大的電子商務業務，沃爾瑪可能會更長時間地抵禦亞馬遜的挑戰。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c3a4e22dbd9c9453962a06aa4dae0082.png" alt="" original-src="https://media.ycharts.com/charts/c3a4e22dbd9c9453962a06aa4dae0082.png"/></p>
<p>WMT Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>WMT 收入 (TTM) 數據來自 YCharts</p>
</div><h2>Is Walmart stock a buy?</h2>
<div class="lb-trans"><h2>沃爾瑪股票值得買嗎？</h2>
</div><p>Walmart's phenomenal results were reported at the same time as competitor <strong>Target</strong>, which had a completely different experience over the same time period. Its e-commerce division is growing faster than Amazon, Target, and Costco.</p>
<div class="lb-trans"><p>沃爾瑪的卓越業績與競爭對手 <strong>塔吉特</strong> 同時發佈，而後者在同一時期的經歷截然不同。其電子商務部門的增長速度超過了亞馬遜、塔吉特和好市多。</p>
</div><p>But while Walmart stock has been looking more attractive lately, it's not cheap. It trades at a P/E ratio of 36, which is higher than its five-year average of 31.</p>
<div class="lb-trans"><p>但儘管沃爾瑪的股票最近看起來更具吸引力，但它並不便宜。其市盈率為 36，高於其五年平均水平 31。</p>
</div><p>This may not be the best time to buy. However, Walmart is a long-term play, and it also pays a reliably growing dividend. This all-weather stock is beating the market this year, up 67%. That's better than many growth stocks. You could buy it at any time and accrue steady gains over many years.</p>
<div class="lb-trans"><p>這可能不是最佳的購買時機。然而，沃爾瑪是一個長期投資，並且它也支付可靠增長的股息。這隻抗跌股票今年的表現超過市場，上漲了 67%。這比許多成長股要好。你可以在任何時候購買它，並在多年內獲得穩定的收益。</p>
</div>

Is Walmart Making a Play to Win Market Share From Amazon? Here's What Investors Need to Know

- 沃爾瑪在電商領域增長迅速，第三季度電商銷售增長 27%。  
- 管理層指出，吸引高收入客户是業績提升的關鍵因素。  
- 儘管與亞馬遜差距仍大，沃爾瑪在市場份額上有所增加。  

沃爾瑪是否在試圖從亞馬遜手中贏得市場份額？以下是投資者需要知道的內容