<p>多年來，Costco Wholesale Corporation（納斯達克代碼：COST）始終堅持其競爭定價策略，即使在面臨宏觀經濟挑戰和不利市場條件的情況下。儘管不斷變化的關税形勢給公司帶來了挑戰，但它已採取措施應對這一情況——例如將貨物從高關税國家重新分配到其非美國市場。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/05/Costco-Q3-2025-earnings-infographic.jpg?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://cdn.news.alphastreet.com/wp-content/uploads/2025/05/Costco-Q3-2025-earnings-infographic.jpg"/></p>
<h2>估計</h2>
<p>根據分析師的積極展望，該公司似乎在 2025 財年以積極的態勢結束，預計淨銷售額同比增長 8%，達到 861.3 億美元。第四季度的每股收益共識估計為 5.81 美元，而 2024 財年相應三個月的每股收益為 5.29 美元。<strong>財報預計將於 9 月 25 日星期四東部時間下午 4:15 發佈。</strong></p>
<p>在經歷了 2025 年消費者趨勢變化和宏觀逆風的波動後，這家倉儲巨頭的股票在最新交易中略高於 1 月份的水平——這突顯了投資者對其長期基本面的信心。然而，COST 似乎在下週的財報發佈前失去了一些動能——自上個月以來下降了約 2%。</p>
<h2>強勁的銷售</h2>
<p>最近幾個季度，可比店銷售以強勁的速度增長，電子商務銷售持續以兩位數增長。在第三季度，可比銷售增長了 5.7%，所有運營部門的銷售均有所增長。<strong>第三季度收入為 632 億美元，同比增長 8%。</strong> 因此，淨收入同比增長 13%，達到 19 億美元，或每股 4.28 美元。盈利超出華爾街的預期，而銷售未能達到預期。</p>
<p><strong><em>另請閲讀：</em> Costco 2025 年第三季度財報超出預期</strong></p>
<p><strong>來自 Costco 2025 年第三季度財報電話會議：</strong></p>
<p><em>“展望財年的剩餘時間，儘管關税的影響和整體經濟前景仍然未知，但我們對運營商和商人應對挑戰的能力充滿信心，並繼續為我們的會員提供優質服務和持續的價值。我們最近幾個季度的業績強化了我們的信念，在不確定的時期，我們的價值觀與會員的共鳴依然強烈。”</em></p>
<h2>擴張</h2>
<p>管理層的目標是在 2025 年開設 27 家新倉庫，使全球倉庫總數達到 914 家。<strong>隨着消費者保持謹慎，Costco 繼續通過降低家庭必需品價格和延長加油站營業時間等措施來增加客户價值。</strong> 該公司的低價自有品牌 Kirkland Signature 表現良好，銷售額在最近一個季度超過了整體銷售增長。Costco 是消費者行為向價值導向轉變的受益者之一。</p>
<p>曾被視為電子商務的落後者，該公司在採用數字技術方面取得了顯著進展。電子商務銷售在最近幾個季度以加速的速度增長，受益於推出 “先買後付” 計劃等創新。同時，與新進口關税相關的更高投入成本可能會對盈利能力造成壓力，儘管管理層已採取措施減輕影響。由於其大部分商品的價格相對較低，該公司運營的利潤率非常小。</p>
<p>Costco 的股票在最近幾周大多橫盤交易。週三，股票開盤價為 954 美元，略低於其 52 周平均水平 962.34 美元。</p>
<p>財報預覽：Costco 有望以強勁的利潤增長結束 2025 財年首次出現在 AlphaStreet 上。</p>

開市客

<p>好市多公司（NASDAQ: COST）預計在 2025 財年將報告強勁的利潤增長，淨銷售額預計同比增長 8%，達到 861.3 億美元。分析師預測第四季度每股收益為 5.81 美元，高於 2024 財年的 5.29 美元。儘管面臨關税和市場波動的挑戰，好市多的同店銷售和電子商務表現出強勁的增長。公司計劃在 2025 年開設 27 家新倉庫，通過具有競爭力的定價提升客户價值，並擴展其 Kirkland Signature 品牌。然而，投入成本可能會影響盈利能力</p>

<p>Over the years, Costco Wholesale Corporation (NASDAQ: COST) has consistently upheld its competitive pricing strategy, even while facing macroeconomic challenges and unfavorable market conditions. While the evolving tariff scenario poses challenges for the company, it has taken measures to deal with the situation — such as rerouting goods from high-tariff countries to its non-U.S. markets.</p>
<div class="lb-trans"><p>多年來，Costco Wholesale Corporation（納斯達克代碼：COST）始終堅持其競爭定價策略，即使在面臨宏觀經濟挑戰和不利市場條件的情況下。儘管不斷變化的關税形勢給公司帶來了挑戰，但它已採取措施應對這一情況——例如將貨物從高關税國家重新分配到其非美國市場。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/05/Costco-Q3-2025-earnings-infographic.jpg" alt="" original-src="https://cdn.news.alphastreet.com/wp-content/uploads/2025/05/Costco-Q3-2025-earnings-infographic.jpg"/></p>
<h2>Estimates</h2>
<div class="lb-trans"><h2>估計</h2>
</div><p>Going by analysts’ positive outlook, the company appears to have ended fiscal 2025 on a positive note, with an estimated 8% YoY increase in net sales to $86.13 billion. The consensus earnings per share estimate is $5.81 for Q4, vs. $5.29 in the corresponding three-month period of FY24. <strong>The earnings report is slated for publication on Thursday, September 25, at 4:15 pm ET.</strong></p>
<div class="lb-trans"><p>根據分析師的積極展望，該公司似乎在 2025 財年以積極的態勢結束，預計淨銷售額同比增長 8%，達到 861.3 億美元。第四季度的每股收益共識估計為 5.81 美元，而 2024 財年相應三個月的每股收益為 5.29 美元。<strong>財報預計將於 9 月 25 日星期四東部時間下午 4:15 發佈。</strong></p>
</div><p>After navigating a volatile 2025 marked by shifting consumer trends and macro headwinds, the warehouse giant’s shares closed the latest session modestly higher than their January levels – underscoring investor confidence in its long-term fundamentals. However, COST appears to be losing some momentum ahead of next week’s earnings — declining about 2% since last month.</p>
<div class="lb-trans"><p>在經歷了 2025 年消費者趨勢變化和宏觀逆風的波動後，這家倉儲巨頭的股票在最新交易中略高於 1 月份的水平——這突顯了投資者對其長期基本面的信心。然而，COST 似乎在下週的財報發佈前失去了一些動能——自上個月以來下降了約 2%。</p>
</div><h2>Strong Sales</h2>
<div class="lb-trans"><h2>強勁的銷售</h2>
</div><p>Comparable store sales grew at a strong pace in recent quarters, with e-commerce sales consistently rising in double-digits. In the third quarter, comparable sales increased 5.7%, with sales growing across all operating segments. <strong>At $63.2 billion, Q3 revenue was up 8% year-over-year.</strong> Consequently, net income grew 13% YoY to $1.90 billion or $4.28 per share in the May quarter. Earnings exceeded Wall Street’s expectations, while sales missed.</p>
<div class="lb-trans"><p>最近幾個季度，可比店銷售以強勁的速度增長，電子商務銷售持續以兩位數增長。在第三季度，可比銷售增長了 5.7%，所有運營部門的銷售均有所增長。<strong>第三季度收入為 632 億美元，同比增長 8%。</strong> 因此，淨收入同比增長 13%，達到 19 億美元，或每股 4.28 美元。盈利超出華爾街的預期，而銷售未能達到預期。</p>
</div><p><strong><em>Also Read:</em> Costco Q3 2025 earnings beat estimates</strong></p>
<div class="lb-trans"><p><strong><em>另請閲讀：</em> Costco 2025 年第三季度財報超出預期</strong></p>
</div><p><strong>From Costco’s Q3 2025 Earnings Call:</strong></p>
<div class="lb-trans"><p><strong>來自 Costco 2025 年第三季度財報電話會議：</strong></p>
</div><p><em>“As we look ahead to the remainder of the fiscal year, while the impacts of tariffs and the outlook for the economy in general remain unknown, we are confident in the ability of our operators and merchants to rise to the challenges and continue to offer great service and find consistent values for our members. Our results in recent quarters have reinforced for us that in uncertain times, our values resonate with members as strongly as ever.”</em></p>
<div class="lb-trans"><p><em>“展望財年的剩餘時間，儘管關税的影響和整體經濟前景仍然未知，但我們對運營商和商人應對挑戰的能力充滿信心，並繼續為我們的會員提供優質服務和持續的價值。我們最近幾個季度的業績強化了我們的信念，在不確定的時期，我們的價值觀與會員的共鳴依然強烈。”</em></p>
</div><h2>Expansion</h2>
<div class="lb-trans"><h2>擴張</h2>
</div><p>The management’s target is to open 27 new warehouses in 2025, bringing its total warehouse count to 914 worldwide. <strong>As consumers remain cautious, Costco continues to increase customer value through measures like lowering prices of household essentials and expanding gas station hours.</strong> The company’s low-priced private label Kirkland Signature brand is doing well, with sales outpacing its overall sales growth in the most recent quarter. Costco is one of the beneficiaries of the value-oriented shift in consumer behavior.</p>
<div class="lb-trans"><p>管理層的目標是在 2025 年開設 27 家新倉庫，使全球倉庫總數達到 914 家。<strong>隨着消費者保持謹慎，Costco 繼續通過降低家庭必需品價格和延長加油站營業時間等措施來增加客户價值。</strong> 該公司的低價自有品牌 Kirkland Signature 表現良好，銷售額在最近一個季度超過了整體銷售增長。Costco 是消費者行為向價值導向轉變的受益者之一。</p>
</div><p>Once considered a laggard in e-commerce, the company has made significant progress in adopting digital technology. E-commerce sales grew at accelerated pace in recent quarters, benefitting from innovations like the launch of the Buy Now Pay Later scheme. Meanwhile, higher input costs related to new import tariffs could weigh on profitability, though the management has taken steps to mitigate the impact. The company operates on very small margins, due to relatively low prices on a large chunk of its merchandise.</p>
<div class="lb-trans"><p>曾被視為電子商務的落後者，該公司在採用數字技術方面取得了顯著進展。電子商務銷售在最近幾個季度以加速的速度增長，受益於推出 “先買後付” 計劃等創新。同時，與新進口關税相關的更高投入成本可能會對盈利能力造成壓力，儘管管理層已採取措施減輕影響。由於其大部分商品的價格相對較低，該公司運營的利潤率非常小。</p>
</div><p>Costco’s shares have mostly traded sideways in recent weeks. On Wednesday, the stock opened at $954, which is slightly below its 52-week average of $ 962.34.</p>
<div class="lb-trans"><p>Costco 的股票在最近幾周大多橫盤交易。週三，股票開盤價為 954 美元，略低於其 52 周平均水平 962.34 美元。</p>
</div><p>The post Earnings Preview: Costco poised to cap fiscal 2025 with strong profit Growth first appeared on AlphaStreet.</p>
<div class="lb-trans"><p>財報預覽：Costco 有望以強勁的利潤增長結束 2025 財年首次出現在 AlphaStreet 上。</p>
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財報預覽：開市客預計將以強勁的利潤增長結束 2025 財年