<p>在當前的經濟環境中，許多零售商正面臨困境。儘管失業率保持在低位，國內生產總值（GDP）的增長也相對穩健，但過去幾年的高通脹已侵蝕了消費者的預算。</p>
<p>這導致許多股票面臨逆風，從餐飲業到零售業。</p>
<p>然而，在這種不利的消費環境中，大型折扣零售商 <strong>開市客</strong>(COST -0.08%) 剛剛發佈了令人印象深刻的增長，甚至實現了利潤率擴張。投資者可以感謝公司的主要競爭優勢，使得開市客在艱難時期能夠獲利。</p>
<h2>零售商面臨的問題</h2>
<p>嚴峻的環境影響了許多主要零售商，尤其是 “快餐休閒” 品牌。以 <strong>星巴克</strong>(SBUX -0.89%) 為例；儘管由於布萊恩·尼科爾的任命為首席執行官，股票表現尚可，但公司的近期業績卻慘淡。消費者似乎對 6 美元的咖啡失去了興趣，開始尋求更便宜的替代品，比如在家自制咖啡。</p>
<p>與此同時，零售巨頭 <strong>塔吉特</strong>(TGT 0.80%) 在發佈財報後，股價也出現了下跌；其財報顯示，由於高折扣和飆升的供應鏈成本，利潤率受到擠壓。塔吉特似乎正面臨來自折扣零售商的激烈競爭，儘管顧客仍在消費，但更加註重價格。</p>
<p>但不僅僅是面向中產階級的零售商感受到尋求折扣的消費者的壓力。即使是折扣零售商 <strong>美元通</strong>(DG 3.40%) 也因其經濟壓力較大的核心消費者而面臨利潤率下降，以及最近經歷的 “縮水”（主要是盜竊）問題。</p>
<h2>但開市客卻在蓬勃發展</h2>
<p>然而，開市客成功避免了這些陷阱。上個季度，收入增長了 7.5%，而稀釋每股收益增長了 12.8%，這兩個數字均超出預期。儘管開市客的同店銷售增長 7.1% 令人印象深刻，但在這個競爭激烈的環境中，其利潤率擴張更是引人注目。</p>
<p>開市客是如何做到的呢？不僅僅是因為該公司是一家折扣零售商。否則，像美元通這樣的低價零售商也會獲得類似的好處。</p>
<p>區別在於開市客的成功商業模式，使其在零售界的高端和低端之間脱穎而出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTQvd2FyZWhvdXNlLXdob2xlc2FsZXItc2hvcHBpbmctY29zdGNvLXNhbV9zLWNsdWIuanBnJnc9NzAw?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTQvd2FyZWhvdXNlLXdob2xlc2FsZXItc2hvcHBpbmctY29zdGNvLXNhbV9zLWNsdWIuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>會員制的好處</h2>
<p>這一商業模式以會員制為核心。作為一個 “俱樂部”，開市客收取年費以允許顧客進入其商店。儘管會員價格在 9 月 1 日剛剛上漲，但基本的金星會員年費仍然僅為 65 美元。這對於一年內能夠享受開市客提供的各種深度折扣商品來説，並不算太多。</p>
<p>從財務角度來看，開市客的會員收入佔公司運營收入的一半以上，假設會員費是純利潤。在最近結束的財政第一季度（截至 11 月 24 日），會員費佔開市客整體運營收入的 53%。</p>
<p>這部分會員訂閲收入使得開市客能夠以極薄的利潤率銷售商品。剔除會員訂閲收入後，開市客的產品運營利潤率僅為 1.7%。這_真的_很難與之競爭。</p>
<p>開市客運營的薄利潤率當然是由於低價格，但也得益於其在安全和更好客户體驗上的投資。例如，該公司以支付員工的工資遠高於其他低價零售商而聞名，並在 7 月實際提高了工資。這反過來使得開市客不僅能夠提供難以匹敵的價格，還能避免美元通所經歷的盜竊問題。即使在員工工資上漲的情況下，整體利潤率仍然上升，因為公司繼續吸引越來越多的會員。</p>
<p>更好的客户體驗也意味着開市客不僅僅是面向經濟拮据的低收入消費者。事實上，它還吸引了仍然欣賞好交易的富裕消費者。這就是為什麼它能夠吸引那些通常不會與 “折扣” 零售商聯繫在一起的商家，包括珠寶商和郵輪公司，以及像 <strong>Peloton Interactive</strong> 這樣的 “高端” 品牌——它們剛剛簽約成為供應商。</p>
<h2>這就是為什麼開市客最近達到了 1000 美元</h2>
<p>一些人可能會對開市客的高估值感到震驚，市盈率為 58 倍，股價最近達到了 1000 美元的高點。然而，最近的經濟挑戰期表明，當經濟形勢嚴峻時，它仍然能夠通過吸引價格敏感的消費者並從其他零售商那裏搶佔市場份額而繼續蓬勃發展。例如，儘管許多人因餐廳價格大幅上漲而減少外出就餐，但開市客管理層在最近的電話會議上指出，隨着消費者越來越多地在家用餐，對優質肉類和農產品的需求激增。</p>
<p>這只是一個產品線的例子，但廣泛的通貨膨脹無疑使開市客在其整個產品組合中受益。憑藉其 “粘性” 會員模式將客户與其令人難以置信的優惠緊密聯繫在一起，開市客的成功商業模式幾乎無法被擊敗。</p>

開市客

<p>開市客在當前的通貨膨脹環境中蓬勃發展，收入增長了 7.5%，稀釋每股收益增長了 12.8%。其競爭優勢在於會員模式，這種模式產生了可觀的運營收入，使得產品利潤率較低。與其他面臨挑戰的零售商不同，開市客通過提供具有競爭力價格的優質產品，吸引了包括富裕消費者在內的多樣化客户羣。公司對員工工資和客户體驗的關注進一步增強了其吸引力，使其能夠從陷入困境的競爭對手那裏搶佔市場份額</p>

<p>In the current economic environment, many retailers are struggling. While unemployment remains low and growth in gross domestic product (GDP) has been solid, the past few years of high inflation have eaten into consumers' budgets.</p>
<div class="lb-trans"><p>在當前的經濟環境中，許多零售商正面臨困境。儘管失業率保持在低位，國內生產總值（GDP）的增長也相對穩健，但過去幾年的高通脹已侵蝕了消費者的預算。</p>
</div><p>This has resulted in headwinds for many stocks, from restaurants to retailers.</p>
<div class="lb-trans"><p>這導致許多股票面臨逆風，從餐飲業到零售業。</p>
</div><p>However, in this adverse spending climate, big-box discount retailer <strong>Costco Wholesale</strong>(COST -0.08%) just posted impressive growth and even margin expansion. Investors can thank the company's major competitive advantage, which allows Costco to capitalize when the going gets tough.</p>
<div class="lb-trans"><p>然而，在這種不利的消費環境中，大型折扣零售商 <strong>開市客</strong>(COST -0.08%) 剛剛發佈了令人印象深刻的增長，甚至實現了利潤率擴張。投資者可以感謝公司的主要競爭優勢，使得開市客在艱難時期能夠獲利。</p>
</div><h2>Retailer problems</h2>
<div class="lb-trans"><h2>零售商面臨的問題</h2>
</div><p>The tough environment has affected many major retailers, especially &#34;fast casual&#34; brands. Take <strong>Starbucks</strong>(SBUX -0.89%), for instance; although the stock has done OK thanks to the appointment of Brian Niccol as CEO, the company's recent results were dismal. Consumers appear to have soured on $6 cups of coffee and are seeking lower-cost alternatives, such as making coffee at home.</p>
<div class="lb-trans"><p>嚴峻的環境影響了許多主要零售商，尤其是 “快餐休閒” 品牌。以 <strong>星巴克</strong>(SBUX -0.89%) 為例；儘管由於布萊恩·尼科爾的任命為首席執行官，股票表現尚可，但公司的近期業績卻慘淡。消費者似乎對 6 美元的咖啡失去了興趣，開始尋求更便宜的替代品，比如在家自制咖啡。</p>
</div><p>Meanwhile, retail giant <strong>Target</strong>(TGT 0.80%) saw its stock sell off recently following an earnings report; its earnings showed margins getting squeezed by high discounting and soaring supply chain costs. Target appears to be seeing heightened competition from discount retailers, as customers are still spending, but in a much more price-sensitive manner.</p>
<div class="lb-trans"><p>與此同時，零售巨頭 <strong>塔吉特</strong>(TGT 0.80%) 在發佈財報後，股價也出現了下跌；其財報顯示，由於高折扣和飆升的供應鏈成本，利潤率受到擠壓。塔吉特似乎正面臨來自折扣零售商的激烈競爭，儘管顧客仍在消費，但更加註重價格。</p>
</div><p>But it isn't just middle-class-oriented retailers that felt the pinch of discount-seeking consumers. Even discount retailer <strong>Dollar General</strong>(DG 3.40%) has struggled with lower margins due to its economically pressured core consumer, and the heightened &#34;shrink&#34; (largely theft) it's experienced recently.</p>
<div class="lb-trans"><p>但不僅僅是面向中產階級的零售商感受到尋求折扣的消費者的壓力。即使是折扣零售商 <strong>美元通</strong>(DG 3.40%) 也因其經濟壓力較大的核心消費者而面臨利潤率下降，以及最近經歷的 “縮水”（主要是盜竊）問題。</p>
</div><h2>But Costco is thriving</h2>
<div class="lb-trans"><h2>但開市客卻在蓬勃發展</h2>
</div><p>Costco, however, has managed to avoid these pitfalls. Last quarter, revenue grew a solid 7.5%, while diluted earnings per share grew 12.8%, with both figures beating expectations. While Costco's comparable-store sales growth of 7.1% was impressive, its margin expansion in this cutthroat environment was even more so.</p>
<div class="lb-trans"><p>然而，開市客成功避免了這些陷阱。上個季度，收入增長了 7.5%，而稀釋每股收益增長了 12.8%，這兩個數字均超出預期。儘管開市客的同店銷售增長 7.1% 令人印象深刻，但在這個競爭激烈的環境中，其利潤率擴張更是引人注目。</p>
</div><p>How has Costco done it? It's not just that the company is a discount retailer. Otherwise, low-priced retailers like Dollar General would have seen a similar benefit.</p>
<div class="lb-trans"><p>開市客是如何做到的呢？不僅僅是因為該公司是一家折扣零售商。否則，像美元通這樣的低價零售商也會獲得類似的好處。</p>
</div><p>The difference lies in Costco's winning business model, which separates it from peers -- on both the high and low ends of the retail world.</p>
<div class="lb-trans"><p>區別在於開市客的成功商業模式，使其在零售界的高端和低端之間脱穎而出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTQvd2FyZWhvdXNlLXdob2xlc2FsZXItc2hvcHBpbmctY29zdGNvLXNhbV9zLWNsdWIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801114%2Fwarehouse-wholesaler-shopping-costco-sam_s-club.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Membership has its benefits</h2>
<div class="lb-trans"><h2>會員制的好處</h2>
</div><p>That business model is centered around membership. As a &#34;club,&#34; Costco charges an annual membership fee for access to its stores. But although the membership price just went up as of Sept. 1, a basic Gold Star membership is still just $65 annually. That isn't very much money for an entire year of access to the wide variety of deeply discounted items that Costco sells.</p>
<div class="lb-trans"><p>這一商業模式以會員制為核心。作為一個 “俱樂部”，開市客收取年費以允許顧客進入其商店。儘管會員價格在 9 月 1 日剛剛上漲，但基本的金星會員年費仍然僅為 65 美元。這對於一年內能夠享受開市客提供的各種深度折扣商品來説，並不算太多。</p>
</div><p>From a financial perspective, Costco's membership revenue accounts for just over half the company's operating income, assuming membership fees are pure profit. In the recently completed fiscal first quarter, which ended Nov. 24, membership fees amounted to 53% of Costco's overall operating income.</p>
<div class="lb-trans"><p>從財務角度來看，開市客的會員收入佔公司運營收入的一半以上，假設會員費是純利潤。在最近結束的財政第一季度（截至 11 月 24 日），會員費佔開市客整體運營收入的 53%。</p>
</div><p>That membership subscription revenue in turn allows Costco to sell its goods at razor-thin margins. Stripping out membership subscription revenue as part of operating profits, Costco's product-only operating margins were a mere 1.7%. That's <em>really</em> hard to compete against.</p>
<div class="lb-trans"><p>這部分會員訂閲收入使得開市客能夠以極薄的利潤率銷售商品。剔除會員訂閲收入後，開市客的產品運營利潤率僅為 1.7%。這_真的_很難與之競爭。</p>
</div><p>The thin margins at which Costco operates are of course a result of low prices, but they're also due to its investments in security and in a better customer experience. For instance, the company is known for paying its employees far better than other low-priced retailers, and actually raised wages in July. That in turn enables Costco not only to offer hard-to-beat prices, but also to avoid the theft that Dollar General is experiencing. Even with increased employee wages, overall margins went up as the company continued to attract more and more members.</p>
<div class="lb-trans"><p>開市客運營的薄利潤率當然是由於低價格，但也得益於其在安全和更好客户體驗上的投資。例如，該公司以支付員工的工資遠高於其他低價零售商而聞名，並在 7 月實際提高了工資。這反過來使得開市客不僅能夠提供難以匹敵的價格，還能避免美元通所經歷的盜竊問題。即使在員工工資上漲的情況下，整體利潤率仍然上升，因為公司繼續吸引越來越多的會員。</p>
</div><p>The better customer experience also means Costco isn't just for cash-strapped, lower-income consumers. In fact, it also attracts well-to-do consumers who still appreciate a good deal. This is why it's been able to attract merchants one wouldn't normally associate with a &#34;discount&#34; retailer, including jewelers and cruise lines, and &#34;premium&#34; brands like <strong>Peloton Interactive</strong> -- which just signed up as a vendor.</p>
<div class="lb-trans"><p>更好的客户體驗也意味着開市客不僅僅是面向經濟拮据的低收入消費者。事實上，它還吸引了仍然欣賞好交易的富裕消費者。這就是為什麼它能夠吸引那些通常不會與 “折扣” 零售商聯繫在一起的商家，包括珠寶商和郵輪公司，以及像 <strong>Peloton Interactive</strong> 這樣的 “高端” 品牌——它們剛剛簽約成為供應商。</p>
</div><h2>This is why Costco recently hit $1,000</h2>
<div class="lb-trans"><h2>這就是為什麼開市客最近達到了 1000 美元</h2>
</div><p>Some might balk at Costco's sky-high valuation, trading at 58 times earnings, with its share price recently hitting the $1,000 mark. However, the recent challenging economic period has shown that when times get tough, it can continue to thrive by picking off price-sensitive consumers and stealing market share from other retailers. For instance, while many people have pulled back from eating out due to much higher restaurant prices, Costco management noted on its recent conference call that it's seen a surge in demand for premium meats and produce as consumers increasingly eat at home.</p>
<div class="lb-trans"><p>一些人可能會對開市客的高估值感到震驚，市盈率為 58 倍，股價最近達到了 1000 美元的高點。然而，最近的經濟挑戰期表明，當經濟形勢嚴峻時，它仍然能夠通過吸引價格敏感的消費者並從其他零售商那裏搶佔市場份額而繼續蓬勃發展。例如，儘管許多人因餐廳價格大幅上漲而減少外出就餐，但開市客管理層在最近的電話會議上指出，隨着消費者越來越多地在家用餐，對優質肉類和農產品的需求激增。</p>
</div><p>That's just one example from one product line, but wide-reaching inflation is no doubt benefiting Costco across its entire product portfolio. With its &#34;sticky&#34; membership model tying customers to its incredible bargains, Costco's winning business model is nearly impossible to beat.</p>
<div class="lb-trans"><p>這只是一個產品線的例子，但廣泛的通貨膨脹無疑使開市客在其整個產品組合中受益。憑藉其 “粘性” 會員模式將客户與其令人難以置信的優惠緊密聯繫在一起，開市客的成功商業模式幾乎無法被擊敗。</p>
</div>

這是 Costco Wholesale 對抗通貨膨脹的秘密武器