<p><strong>開市客</strong>(COST -0.66%) 再次交出了一份強勁的季度業績，但其股價卻未能獲得任何 traction。過去五年，該股上漲約 165%，但年初至今基本持平。</p>
<p>儘管這家零售商在運營上取得了很大的勢頭，但其股價現在似乎陷入了停滯。讓我們仔細看看開市客的最新業績，以判斷現在是否是購買該股票的好時機，或者它可能會繼續在區間內波動。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUzMDEvZ2V0dHlpbWFnZXMtMTQ0MDE0NDc3MS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUzMDEvZ2V0dHlpbWFnZXMtMTQ0MDE0NDc3MS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>又一個強勁的季度</h2>
<p>與大多數零售商一樣，開市客今年也不得不應對關税。它主要試圖將價格上漲降到最低，而是努力利用其採購能力和採購策略。它還更加依賴其 Kirkland Signature 自有品牌，提供比國家品牌更低的價格。</p>
<p>該公司在吸引年輕會員方面做得很好，尤其是通過其數字渠道。現在，它正在努力提高這些會員的參與度和續費率。本季度，該公司表示改善了搜索功能，並在其移動應用中增加了無密碼登錄。</p>
<p>總體而言，開市客繼續穩步前行。2023 財年第四季度收入增長 8%，達到 861.6 億美元，調整後的每股收益 (EPS) 增長 11%，達到 5.87 美元。這略高於分析師對每股收益 5.80 美元和收入 860.6 億美元的共識，數據由 <strong>LSEG</strong> 彙編。</p>
<p>在調整汽油價格和外匯變動後，同店銷售增長了 6.3%。美國同店銷售增長 6%（調整後），而加拿大可比店銷售增長 8.3%（調整後）。其他國際同店銷售增長 7.2%（調整後）。電子商務收入在調整後激增 13.5%。</p>
<p>不包括汽油和貨幣影響，全球平均交易額增長 2.6%，美國增長 2.4%。全球流量增長 3.7%，美國增長 3.5%。肉類銷售持續強勁，而黃金和珠寶、禮品卡、大型家電（家電和電子產品）、玩具和男裝的銷售均增長了兩位數百分比。</p>
<p>本季度會員費收入同比增長 14%，達到 17.2 億美元，因為公司繼續受益於去年九月生效的費用上漲。與此同時，會員數量增長 6.3%，達到 8100 萬個付費家庭。高價的執行會員增長 9.3%，達到 3870 萬個。這些客户僅佔總付費會員的 48%，但佔開市客全球銷售的 74.2%。</p>
<p>北美的會員續費率為 92.3%，全球為 89.8%。續費率繼續受到通過數字渠道註冊的年輕消費者較低續費率的影響，開市客正專注於改善其數字溝通並實施自動續費，以幫助提高這些客户的續費率。</p>
<p>開市客在本季度開設了 10 個新店，在其財年內開設了 27 個新店，其中三個是遷址。年末時，開市客擁有 914 家倉儲商店。它計劃在 2026 財年加快步伐，計劃開設 35 個新店，其中五個將是遷址。</p>
<h2>開市客的股票值得買嗎？</h2>
<p>開市客繼續超越其實體一般商品零售同行。其同店銷售輕鬆超過了 <strong>沃爾瑪</strong> 的 4.6% 美國可比店銷售和 <strong>塔吉特</strong> 的 1.9% 同店銷售下降。該公司提供良好的價值，並繼續吸引新客户。</p>
<p>與此同時，過去一年它受益於會員價格的上漲。這是純粹的毛利，直接影響底線，但未來不會再有這樣的機會。</p>
<p>開市客的股票為何未能對其強勁的運營表現作出反應，可能與估值有關。該公司一直以溢價交易，但在過去幾年中膨脹得很厲害。其前瞻性市盈率 (P/E) 目前為 47 倍。雖然低於今年早些時候的交易水平，但仍處於較高水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/22cae6a15603807e0bb34de0ccda3f4a.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/22cae6a15603807e0bb34de0ccda3f4a.png"/></p>
<p>數據來源：YCharts。</p>
<p>雖然開市客的勢頭可能會繼續，但我認為由於其高估值，該股可能會繼續停滯不前。我不會感到驚訝，如果該股在未來幾年內保持相對區間波動，直到其收益趕上其估值。</p>

開市客

<p>開市客報告了強勁的 2023 財年第四季度業績，收入增長 8% 至 861.6 億美元，調整後每股收益增長 11% 至 5.87 美元。儘管運營勢頭強勁，且五年來股價上漲 165%，但截至目前股價仍持平，這歸因於高估值，前瞻市盈率為 47。會員人數增長 6.3% 至 8100 萬，會員費收入增長 14%。分析師建議，由於盈利尚未追趕上其高估值，開市客的股票可能會維持在一個區間內</p>

<p><strong>Costco Wholesale</strong>(COST -0.66%) once again turned in another strong quarter, but its stock wasn't able to gain any traction. The stock is up about 165% over the past five years, but is flattish year to date.</p>
<div class="lb-trans"><p><strong>開市客</strong>(COST -0.66%) 再次交出了一份強勁的季度業績，但其股價卻未能獲得任何 traction。過去五年，該股上漲約 165%，但年初至今基本持平。</p>
</div><p>While the retailer has seen a lot of operational momentum, its stock now appears stuck in the mud. Let's take a closer look at Costco's latest results to see if now is a good time to buy the stock or if it may remain rangebound.</p>
<div class="lb-trans"><p>儘管這家零售商在運營上取得了很大的勢頭，但其股價現在似乎陷入了停滯。讓我們仔細看看開市客的最新業績，以判斷現在是否是購買該股票的好時機，或者它可能會繼續在區間內波動。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUzMDEvZ2V0dHlpbWFnZXMtMTQ0MDE0NDc3MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835301%2Fgettyimages-1440144771.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>Another strong quarter</h2>
<div class="lb-trans"><h2>又一個強勁的季度</h2>
</div><p>Like most retailers, Costco has had to navigate tariffs this year. It has largely tried to minimize price increases, instead working to leverage its buying power and sourcing strategies. It's also leaned more into its Kirkland Signature private-label brand, where it offers lower prices than national brands.</p>
<div class="lb-trans"><p>與大多數零售商一樣，開市客今年也不得不應對關税。它主要試圖將價格上漲降到最低，而是努力利用其採購能力和採購策略。它還更加依賴其 Kirkland Signature 自有品牌，提供比國家品牌更低的價格。</p>
</div><p>The company has been doing a nice job of bringing in younger members, especially through its digital channels. Now it is working hard to improve engagement and renewal rates with these members. This quarter, the company said it improved its search functionality and added a password-less sign-in to its mobile app.</p>
<div class="lb-trans"><p>該公司在吸引年輕會員方面做得很好，尤其是通過其數字渠道。現在，它正在努力提高這些會員的參與度和續費率。本季度，該公司表示改善了搜索功能，並在其移動應用中增加了無密碼登錄。</p>
</div><p>Overall, Costco continues to roll along. Fiscal Q4 revenue climbed 8% to $86.16 billion, and adjusted earnings per share (EPS) increased 11% to $5.87. That was just above the analyst consensus for EPS of $5.80 on revenue of $86.06 billion, as compiled by <strong>LSEG</strong>.</p>
<div class="lb-trans"><p>總體而言，開市客繼續穩步前行。2023 財年第四季度收入增長 8%，達到 861.6 億美元，調整後的每股收益 (EPS) 增長 11%，達到 5.87 美元。這略高於分析師對每股收益 5.80 美元和收入 860.6 億美元的共識，數據由 <strong>LSEG</strong> 彙編。</p>
</div><p>Same-store sales rose by 6.3% when adjusting for changes in gasoline prices and foreign currency. U.S. same-store sales climbed 6% (adjusted), while Canadian comparable-store sales jumped 8.3% (adjusted). Other international same-store sales increased 7.2% (adjusted). E-commerce revenue surged 13.5% on an adjusted basis.</p>
<div class="lb-trans"><p>在調整汽油價格和外匯變動後，同店銷售增長了 6.3%。美國同店銷售增長 6%（調整後），而加拿大可比店銷售增長 8.3%（調整後）。其他國際同店銷售增長 7.2%（調整後）。電子商務收入在調整後激增 13.5%。</p>
</div><p>Excluding gasoline and currency effects, the average transaction was up 2.6% worldwide and 2.4% in the U.S. Traffic rose by 3.7% worldwide and 3.5% in the U.S. Meat sales continue to be strong, while gold and jewelry, gift cards, majors (appliances and electronics), toys, and men's apparel sales all rose by double-digit percentages.</p>
<div class="lb-trans"><p>不包括汽油和貨幣影響，全球平均交易額增長 2.6%，美國增長 2.4%。全球流量增長 3.7%，美國增長 3.5%。肉類銷售持續強勁，而黃金和珠寶、禮品卡、大型家電（家電和電子產品）、玩具和男裝的銷售均增長了兩位數百分比。</p>
</div><p>Membership-fee revenue climbed 14% year over year in the quarter to $1.72 billion, as the company continued to benefit from the fee hike that went into effect last September. Memberships, meanwhile, rose by 6.3% to 81 million paid households. Higher-cost executive memberships climbed 9.3% to 38.7 million. These customers are only 48% of total paid memberships, but accounted for 74.2% of Costco's worldwide sales.</p>
<div class="lb-trans"><p>本季度會員費收入同比增長 14%，達到 17.2 億美元，因為公司繼續受益於去年九月生效的費用上漲。與此同時，會員數量增長 6.3%，達到 8100 萬個付費家庭。高價的執行會員增長 9.3%，達到 3870 萬個。這些客户僅佔總付費會員的 48%，但佔開市客全球銷售的 74.2%。</p>
</div><p>The membership renewal rate was 92.3% in North America and 89.8% worldwide. Renewals continue to be affected by lower rates from younger consumers who sign up through its digital channels, and Costco is focusing on improving its digital communication and enacting auto-renewals to help increase renewals by these customers.</p>
<div class="lb-trans"><p>北美的會員續費率為 92.3%，全球為 89.8%。續費率繼續受到通過數字渠道註冊的年輕消費者較低續費率的影響，開市客正專注於改善其數字溝通並實施自動續費，以幫助提高這些客户的續費率。</p>
</div><p>Costco opened 10 new locations in the quarter and 27 during its fiscal year, of which three were relocations. It ended the year with 914 warehouse stores. It is looking to pick up the pace in fiscal 2026, with plans to open 35 new locations, of which five will be relocations.</p>
<div class="lb-trans"><p>開市客在本季度開設了 10 個新店，在其財年內開設了 27 個新店，其中三個是遷址。年末時，開市客擁有 914 家倉儲商店。它計劃在 2026 財年加快步伐，計劃開設 35 個新店，其中五個將是遷址。</p>
</div><h2>Is Costco's stock a buy?</h2>
<div class="lb-trans"><h2>開市客的股票值得買嗎？</h2>
</div><p>Costco continues to outpace its brick-and-mortar general merchandise retail peers. Its same-store sales have easily outpaced those of others in the space like <strong>Walmart</strong>, which saw 4.6% U.S. comps, and <strong>Target</strong>, whose same-store sales fell 1.9%. The company provides good value, and it continues to bring in new customers.</p>
<div class="lb-trans"><p>開市客繼續超越其實體一般商品零售同行。其同店銷售輕鬆超過了 <strong>沃爾瑪</strong> 的 4.6% 美國可比店銷售和 <strong>塔吉特</strong> 的 1.9% 同店銷售下降。該公司提供良好的價值，並繼續吸引新客户。</p>
</div><p>At the same time, it got a lift this past year from a membership price increase. That's pure gross margin and drops right to the bottom line, but it will not lap that going forward.</p>
<div class="lb-trans"><p>與此同時，過去一年它受益於會員價格的上漲。這是純粹的毛利，直接影響底線，但未來不會再有這樣的機會。</p>
</div><p>Why Costco's stock hasn't responded to its strong operational performance this year likely has to do with valuation. The company has always traded at a premium, but it's ballooned in the past few years. Its forward price-to-earnings (P/E) ratio now sits at 47 times. That's below where it traded at earlier this year, but it's still at an elevated level.</p>
<div class="lb-trans"><p>開市客的股票為何未能對其強勁的運營表現作出反應，可能與估值有關。該公司一直以溢價交易，但在過去幾年中膨脹得很厲害。其前瞻性市盈率 (P/E) 目前為 47 倍。雖然低於今年早些時候的交易水平，但仍處於較高水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/22cae6a15603807e0bb34de0ccda3f4a.png" alt="" original-src="https://media.ycharts.com/charts/22cae6a15603807e0bb34de0ccda3f4a.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>While Costco's momentum is likely to continue, I think the stock will likely remain stuck in the mud given its high valuation. I wouldn't be surprised to see the stock be pretty rangebound over the next couple of years until its earnings catch back up with its valuation.</p>
<div class="lb-trans"><p>雖然開市客的勢頭可能會繼續，但我認為由於其高估值，該股可能會繼續停滯不前。我不會感到驚訝，如果該股在未來幾年內保持相對區間波動，直到其收益趕上其估值。</p>
</div>

開市客的增長勢頭持續，但這隻股票是否值得購買？