<p>美國製造的巨頭沃爾瑪（Walmart，紐約證券交易所代碼：WMT）無疑已成為全球消費品行業中最有價值的股票。截至 8 月 21 日收盤，沃爾瑪的股票在過去五年中總回報約為 141%，市值接近 7820 億美元。</p>
<p>然而，亞馬遜（Amazon.com，納斯達克代碼：AMZN）正在加大對沃爾瑪的競爭，這使得沃爾瑪的市場主導地位面臨挑戰。沃爾瑪的盈利也剛剛未達預期。接下來，我們將深入分析沃爾瑪在 8 月 21 日發佈的最新財務結果，並分析這兩家公司之間的競爭。最終，沃爾瑪是否仍然是消費品領域的最佳選擇之一？</p>
<h2>沃爾瑪每股收益 “未達預期” 的原因被誇大</h2>
<p>在 2026 財年第二季度，沃爾瑪的收入約為 1770 億美元，增長率為 4.8%。由於沃爾瑪的國際業務，這一數字受到 15 億美元匯率逆風的負面影響。沃爾瑪將其恆定貨幣增長率定為 5.6%。總體而言，這些數字超出了華爾街的預期。</p>
<p>然而，該公司調整後的每股收益（EPS）為 68 美分，低於預期約 6 美分。財報發佈後，股價下跌了 4.5%。</p>
<p>不過，這一每股收益的未達預期幾乎完全是由於公司預計的普通責任和工傷賠償索賠成本增加了 4.5 億美元。儘管索賠數量在減少，但解決每個索賠的成本在增加。因此，公司現在需要預留更多資金來支付這些索賠。雖然這顯然不是一個積極的信號，但不太可能成為一個反覆出現的問題。這使得公司的盈利 “未達預期” 並不令人過於擔憂。沃爾瑪在多個方面提高了指引，給投資者帶來了積極的信號。</p>
<p>該公司現在預計全財年的恆定貨幣淨銷售增長將在 3.75% 到 4.75% 之間，顯著高於之前的 3% 到 4% 的範圍。沃爾瑪還將全財年調整後的每股收益指引的中位數提高至 2.57 美元，之前為 2.55 美元。</p>
<p>公司的全財年每股收益指引的提升表明，它預計在 2026 財年的某個時點會有應計費用。儘管第二季度未達預期，但提高這一指引表明公司在逆風中仍然對未來的預期在上升。</p>
<h2>基本指標和增長驅動因素表現良好</h2>
<p>沃爾瑪最重要的基本指標之一是美國可比銷售增長。這一數字為 4.6%，較一年前的 4.2% 有了顯著加速。此外，該公司美國的電子商務銷售增長了 26%，較上季度的 22% 有了顯著加速。沃爾瑪的全球廣告業務增長了 46%，較上季度的 50% 有所放緩。最後，該公司的會員費用增長保持在 15%。</p>
<p>這些費用是指沃爾瑪的 Walmart+ 服務的訂閲費用，該服務包括當天送達和燃料折扣等優惠。Walmart+ 是沃爾瑪對亞馬遜 Prime 的回應。該公司的廣告和會員業務對投資者考慮這隻股票的未來尤為重要。</p>
<p>這些都是高利潤的收入來源，使沃爾瑪能夠隨着這些業務成為更大組成部分而提高整體業務的盈利能力。</p>
<p>儘管如此，亞馬遜無疑是沃爾瑪的強勁競爭對手。在第一季度，亞馬遜表示其在美國的雜貨銷售超過了 1000 億美元，這一數字顯著不包括其 Whole Foods 和 Amazon Fresh 業務。</p>
<p>該公司正在進一步加大努力，最近增加了易腐爛雜貨的當天送達服務。不過，行業專家指出，消費者在亞馬遜購買新鮮雜貨時存在顯著的 “信任鴻溝”。</p>
<p>總體而言，投資者將不得不拭目以待這一服務是否真正受到歡迎。與此同時，沃爾瑪繼續擴大市場份額。</p>
<h2>沃爾瑪強勁的第二季度保持樂觀前景</h2>
<p>沃爾瑪的前瞻市盈率（P/E）已飆升至約 37 倍。然而，其新興高利潤收入驅動因素的強勁增長在其中發揮了重要作用。</p>
<p>總體而言，隨着公司不斷尋找新的增長方式，這隻股票仍然看起來是消費品領域的最佳選擇之一。然而，亞馬遜新服務的進展需要密切關注。如果有跡象表明其對沃爾瑪的市場份額造成了顯著衝擊，那將令人擔憂。</p>
<h2>你現在應該投資 1000 美元在沃爾瑪嗎？</h2>
<p>在考慮沃爾瑪之前，你需要聽聽這個。</p>
<p>MarketBeat 跟蹤華爾街頂級評級和表現最佳的研究分析師及其每天推薦給客户的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦，現在就買入，以便在更廣泛的市場注意到之前……而沃爾瑪並不在名單上。</p>
<p>雖然沃爾瑪目前在分析師中獲得了買入評級，但頂級分析師認為這五隻股票更值得投資。</p>
<p>查看這五隻股票的詳情</p>

沃爾瑪

塔吉特

開市客

克羅格

<p>沃爾瑪的股票在未能達到盈利預期後下跌，但公司的整體表現顯示出強勁。儘管預計成本增加了 4.5 億美元，沃爾瑪的收入仍增長了 4.8%，並將全年每股收益指引上調至 2.57 美元。美國可比銷售增長了 4.6%，電子商務銷售激增了 26%。儘管來自亞馬遜的競爭加劇，沃爾瑪在高利潤收入來源的增長使其在消費品領域保持強勁的競爭力。投資者應關注亞馬遜對沃爾瑪市場份額的影響</p>

<p>American-made goliath Walmart NYSE: WMT has indisputably become the world’s most valuable stock in the consumer staples sector. As of the August 21 close, Walmart shares have delivered a total return of approximately 141% over the last five years, achieving a market capitalization of nearly $782 billion.</p>
<div class="lb-trans"><p>美國製造的巨頭沃爾瑪（Walmart，紐約證券交易所代碼：WMT）無疑已成為全球消費品行業中最有價值的股票。截至 8 月 21 日收盤，沃爾瑪的股票在過去五年中總回報約為 141%，市值接近 7820 億美元。</p>
</div><p>However, Amazon.com NASDAQ: AMZN is ramping up its competition against Walmart, putting the continuation of the company’s dominance in question. Walmart also just missed on earnings. Below, we’ll dive into Walmart's latest financial results released on August 21 and analyze the competition between these two firms. Ultimately, is Walmart still one of the best plays in consumer staples?</p>
<div class="lb-trans"><p>然而，亞馬遜（Amazon.com，納斯達克代碼：AMZN）正在加大對沃爾瑪的競爭，這使得沃爾瑪的市場主導地位面臨挑戰。沃爾瑪的盈利也剛剛未達預期。接下來，我們將深入分析沃爾瑪在 8 月 21 日發佈的最新財務結果，並分析這兩家公司之間的競爭。最終，沃爾瑪是否仍然是消費品領域的最佳選擇之一？</p>
</div><h2>Why Walmart’s EPS “Miss” Is Overblown</h2>
<div class="lb-trans"><h2>沃爾瑪每股收益 “未達預期” 的原因被誇大</h2>
</div><p>In its fiscal 2026 Q2, Walmart delivered revenues of around $177 billion, equating to a growth rate of 4.8%. Due to Walmart’s international footprint, this figure was negatively impacted by $1.5 billion in currency headwinds. Walmart puts its constant currency growth rate at 5.6%. Overall, these figures beat Wall Street estimates.</p>
<div class="lb-trans"><p>在 2026 財年第二季度，沃爾瑪的收入約為 1770 億美元，增長率為 4.8%。由於沃爾瑪的國際業務，這一數字受到 15 億美元匯率逆風的負面影響。沃爾瑪將其恆定貨幣增長率定為 5.6%。總體而言，這些數字超出了華爾街的預期。</p>
</div><p>However, the company missed adjusted earnings per share (EPS), which came in at 68 cents. This was approximately 6 cents lower than expected. Shares fell by 4.5% after the earnings release.</p>
<div class="lb-trans"><p>然而，該公司調整後的每股收益（EPS）為 68 美分，低於預期約 6 美分。財報發佈後，股價下跌了 4.5%。</p>
</div><p>However, this EPS miss was almost fully accounted for by a $450 million increase in the company’s expected costs for general liability and workers' compensation claims. Although the number of claims is falling, the cost to resolve each one is increasing. As a result, the company is now setting aside more money to pay these claims going forward. Although this is certainly not a positive, it is not likely to be a recurring issue. This makes the company’s earnings “miss” not overly concerning. Walmart boosted its guidance on multiple fronts as a positive sign for investors.</p>
<div class="lb-trans"><p>不過，這一每股收益的未達預期幾乎完全是由於公司預計的普通責任和工傷賠償索賠成本增加了 4.5 億美元。儘管索賠數量在減少，但解決每個索賠的成本在增加。因此，公司現在需要預留更多資金來支付這些索賠。雖然這顯然不是一個積極的信號，但不太可能成為一個反覆出現的問題。這使得公司的盈利 “未達預期” 並不令人過於擔憂。沃爾瑪在多個方面提高了指引，給投資者帶來了積極的信號。</p>
</div><p>The firm now expects constant currency net sales growth of between 3.75% and 4.75% for the full fiscal year, up substantially from a range of 3% to 4% previously. Walmart also increased the midpoint of its full fiscal year adjusted EPS guidance to $2.57, up from $2.55 before.</p>
<div class="lb-trans"><p>該公司現在預計全財年的恆定貨幣淨銷售增長將在 3.75% 到 4.75% 之間，顯著高於之前的 3% 到 4% 的範圍。沃爾瑪還將全財年調整後的每股收益指引的中位數提高至 2.57 美元，之前為 2.55 美元。</p>
</div><p>The company's boost in full-year EPS guidance signals that it expected the accrual charge at some point during fiscal 2026. Raising this guidance despite the Q2 miss suggests that the company’s expectations are rising even in the face of headwinds.</p>
<div class="lb-trans"><p>公司的全財年每股收益指引的提升表明，它預計在 2026 財年的某個時點會有應計費用。儘管第二季度未達預期，但提高這一指引表明公司在逆風中仍然對未來的預期在上升。</p>
</div><h2>Underlying Metrics and Growth Drivers Deliver</h2>
<div class="lb-trans"><h2>基本指標和增長驅動因素表現良好</h2>
</div><p>One of Walmart’s most important underlying metrics is U.S. comparable sales growth. This figure came in at 4.6%, a solid acceleration from 4.2% a year ago. Additionally, the firm’s U.S. eCommerce sales increased by 26%, a solid acceleration from 22% a quarter ago. Walmart’s global advertising business grew impressively by 46%, a moderate deceleration from 50% last quarter. Lastly, the company’s membership fees growth held steady at 15%.</p>
<div class="lb-trans"><p>沃爾瑪最重要的基本指標之一是美國可比銷售增長。這一數字為 4.6%，較一年前的 4.2% 有了顯著加速。此外，該公司美國的電子商務銷售增長了 26%，較上季度的 22% 有了顯著加速。沃爾瑪的全球廣告業務增長了 46%，較上季度的 50% 有所放緩。最後，該公司的會員費用增長保持在 15%。</p>
</div><p>These fees refer to subscriptions to Walmart’s Walmart+ service, which includes perks like same-day delivery and fuel discounts. Walmart+ is Walmart’s answer to Amazon Prime. The firm’s advertising and membership businesses are particularly important as investors consider this stock's future.</p>
<div class="lb-trans"><p>這些費用是指沃爾瑪的 Walmart+ 服務的訂閲費用，該服務包括當天送達和燃料折扣等優惠。Walmart+ 是沃爾瑪對亞馬遜 Prime 的回應。該公司的廣告和會員業務對投資者考慮這隻股票的未來尤為重要。</p>
</div><p>They are higher-margin revenue sources, allowing Walmart to increase the profitability of the overall business as they become larger components.</p>
<div class="lb-trans"><p>這些都是高利潤的收入來源，使沃爾瑪能夠隨着這些業務成為更大組成部分而提高整體業務的盈利能力。</p>
</div><p>Still, Amazon is certainly fierce competition for Walmart. In Q1, Amazon said it achieved more than $100 billion in U.S. grocery sales in the prior year. That figure notably excludes its Whole Foods and Amazon Fresh businesses.</p>
<div class="lb-trans"><p>儘管如此，亞馬遜無疑是沃爾瑪的強勁競爭對手。在第一季度，亞馬遜表示其在美國的雜貨銷售超過了 1000 億美元，這一數字顯著不包括其 Whole Foods 和 Amazon Fresh 業務。</p>
</div><p>The firm is ramping up its efforts even more, recently adding a same-day delivery service for perishable groceries. Still, industry experts note that there is a significant “trust chasm” when it comes to consumers buying fresh groceries from Amazon.</p>
<div class="lb-trans"><p>該公司正在進一步加大努力，最近增加了易腐爛雜貨的當天送達服務。不過，行業專家指出，消費者在亞馬遜購買新鮮雜貨時存在顯著的 “信任鴻溝”。</p>
</div><p>Overall, investors will have to wait and see if this offering truly catches on. In the meantime, Walmart continues to take market share.</p>
<div class="lb-trans"><p>總體而言，投資者將不得不拭目以待這一服務是否真正受到歡迎。與此同時，沃爾瑪繼續擴大市場份額。</p>
</div><h2>Walmart Strong Q2 Keeps Bullish Outlook Alive</h2>
<div class="lb-trans"><h2>沃爾瑪強勁的第二季度保持樂觀前景</h2>
</div><p>Walmart’s forward price-to-earnings (P/E) ratio has ballooned to around 37x. However, the strong growth of its emerging higher-margin revenue drivers plays a huge role in this.</p>
<div class="lb-trans"><p>沃爾瑪的前瞻市盈率（P/E）已飆升至約 37 倍。然而，其新興高利潤收入驅動因素的強勁增長在其中發揮了重要作用。</p>
</div><p>Overall, with the company’s ability to keep finding new ways to grow, the stock continues to look like one of the best plays in consumer staples. However, the progress of Amazon’s new offering does need to be closely monitored. Signs that it is putting significant dents in Walmart’s market share would be worrisome.</p>
<div class="lb-trans"><p>總體而言，隨着公司不斷尋找新的增長方式，這隻股票仍然看起來是消費品領域的最佳選擇之一。然而，亞馬遜新服務的進展需要密切關注。如果有跡象表明其對沃爾瑪的市場份額造成了顯著衝擊，那將令人擔憂。</p>
</div><h2>Should You Invest $1,000 in Walmart Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1000 美元在沃爾瑪嗎？</h2>
</div><p>Before you consider Walmart, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮沃爾瑪之前，你需要聽聽這個。</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 Walmart wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 跟蹤華爾街頂級評級和表現最佳的研究分析師及其每天推薦給客户的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦，現在就買入，以便在更廣泛的市場注意到之前……而沃爾瑪並不在名單上。</p>
</div><p>While Walmart currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>雖然沃爾瑪目前在分析師中獲得了買入評級，但頂級分析師認為這五隻股票更值得投資。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看這五隻股票的詳情</p>
</div>

After Earnings Miss, Walmart Is Still a Top Consumer Staples Play

- 沃爾瑪的市值接近 7820 億美元，過去五年總回報約 141%。  
- 第二季度營收約 1770 億美元，調整後每股收益為 68 美分，低於預期。  
- 儘管面臨亞馬遜競爭，沃爾瑪仍提升全年銷售和每股收益指引。  

儘管收益未達預期，沃爾瑪仍然是消費必需品領域的首選