<p>比爾·彼得斯</p>
<p>收益觀察：伯靈頓、科爾士、百思買及其他連鎖店本週發佈財報</p>
<p>科爾士將在本週發佈季度財報。</p>
<p>當沃爾瑪、Gap、TJX 和羅斯百貨上週發佈季度業績時，他們都表示看到了同樣的現象：各收入水平的消費者支出強勁。尤其是對於低收入消費者，他們試圖緩解華爾街的擔憂。</p>
<p>高管們在發言時提到，在關税和頑固的通貨膨脹時代，價值依然佔據主導地位，而低收入購物者則更加深切地感受到這一十年來的可負擔性危機。政府停擺後，低收入消費者的狀況也受到更為密切的關注，這次停擺影響了數百萬美國人的食品援助。</p>
<p>沃爾瑪（WMT）即將離任的首席執行官道格·麥克米倫在該連鎖店的財報電話會議上表示，中高收入家庭在第三季度推動了美國的增長。他提到 “低收入家庭最近承受了額外的壓力。”</p>
<p>該零售商的首席財務官約翰·大衞·雷尼表示，低收入消費者的支出有所 “適度減緩”。但他表示對關鍵的假日季節仍然持樂觀態度。</p>
<p>“當我們按收入層次查看時，確實存在一些適度減緩的現象，我不想在這裏發出警報，因為總體而言，業務非常穩定，這也是我們對第四季度的展望，” 他説。</p>
<p>沃爾瑪及其他零售商的高管們在發言時提到，越來越多的分析師看到經濟中存在更大的分化，富裕的購物者和資產擁有者繼續輕鬆消費，而其他人則在價格不斷上漲的情況下苦苦掙扎。</p>
<p>儘管如此，Coresight Research 的分析師蘇杰特·奈克表示，這家大賣場連鎖的業績表明 “即使是更富裕的消費者也感受到通貨膨脹的壓力，並積極尋求通過轉向沃爾瑪來獲得更低的價格。”</p>
<p>但他表示，低收入和高收入消費者之間的差距正在擴大。</p>
<p>“消費者支出之間確實存在一種分化，” 奈克説。“高收入水平的消費者相對堅韌。但低收入水平的消費者則因 SNAP 削減以及我所説的持續通貨膨脹和更高的生活成本而減少了購買。”</p>
<p>在服裝零售商 Gap（GAP）那裏，這種分化在一定程度上得到了體現。富裕的購物者在第三季度湧向其品牌店，而更多的低收入消費者則前往其 Old Navy 店。</p>
<p>Gap 首席執行官理查德·迪克森在 Gap 的財報電話會議上表示，儘管低收入消費者面臨廣泛報道的宏觀經濟壓力，但 Old Navy 的趨勢 “令人鼓舞”。</p>
<p>“當然，有外部數據指向低收入消費者面臨的宏觀壓力，” 他在電話會議上稍後表示。“但我們的客户發現了我們的價格價值、我們的產品和風格。這在競爭環境中脱穎而出，我們正在獲勝。”</p>
<p>在其他地方，羅斯百貨（ROST）的首席運營官邁克爾·哈特肖恩表示，該公司在第三季度實現的 7% 的同店銷售增長 “在所有收入水平上都非常廣泛”。</p>
<p>“我們沒有看到低收入和高收入客户之間的區別，” 他説。</p>
<p>羅斯和 TJX（TJX）都提高了全年財務預測。TJX 的首席財務官約翰·克林格表示，低收入消費者在大多數地區推動了其同店銷售增長。</p>
<p>這些零售商在黑色星期五之前發佈了業績，而第三季度財報季也接近尾聲。</p>
<p>但即使經濟擔憂依然存在，標準普爾 500 指數的公司整體在第三季度有望實現 8.4% 的銷售增長，這將是三年來的最高增長，週五的 FactSet 報告稱。同時，推動該指數增長的大型科技公司 “七巨頭” 報告稱其自 2023 年第一季度以來的最低盈利增長。</p>
<p>在接下來的一週，另一家折扣連鎖店伯靈頓百貨（BURL）將發佈業績。百貨連鎖店科爾士（KSS）也將發佈業績，其 Sephora 商店和自有品牌已顯示出吸引謹慎消費者的跡象，試圖扭轉業務。運動裝備連鎖店迪克體育用品（DKS）也將在收購 Foot Locker 後發佈業績。</p>
<p>百思買（BBY）、Abercrombie &amp; Fitch（ANF）、Petco Health and Wellness Company（WOOF）和 Urban Outfitters（URBN）也將在本週發佈業績。</p>
<p>-比爾·彼得斯</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>11-23-25 1000ET</p>

伯靈頓百貨

TJX零售

羅斯百貨

沃爾瑪

<p>零售商如沃爾瑪、Gap、TJX 和羅斯百貨報告稱，各收入水平的消費支出強勁，但由於通貨膨脹和經濟因素，低收入消費者面臨壓力。儘管面臨這些挑戰，管理層對假日季節仍持樂觀態度。分析師觀察到消費者支出習慣的日益分化。即將發佈的伯靈頓百貨、Kohl's 等公司的財報將提供更多見解</p>

<p>By Bill Peters</p>
<div class="lb-trans"><p>比爾·彼得斯</p>
</div><p>Earnings Watch: Burlington, Kohl's, Best Buy and other chains report this week</p>
<div class="lb-trans"><p>收益觀察：伯靈頓、科爾士、百思買及其他連鎖店本週發佈財報</p>
</div><p>Kohl's reports quarterly earnings during the week.</p>
<div class="lb-trans"><p>科爾士將在本週發佈季度財報。</p>
</div><p>When Walmart Inc., Gap. Inc., TJX Cos. and Ross Stores Inc. reported quarterly results last week, they all said they saw the same thing: Strong spending across all income levels. And when it came to lower-income consumers in particular, they tried to tamp down Wall Street's concerns.</p>
<div class="lb-trans"><p>當沃爾瑪、Gap、TJX 和羅斯百貨上週發佈季度業績時，他們都表示看到了同樣的現象：各收入水平的消費者支出強勁。尤其是對於低收入消費者，他們試圖緩解華爾街的擔憂。</p>
</div><p>The executives made the remarks as value continues to reign supreme in an era of tariffs and unbudging inflation, and as lower-income shoppers feel the pain of the decade's affordability crunch more deeply. The state of lower-income consumers has also been in sharper focus following the government shutdown, which disrupted food assistance for millions of Americans.</p>
<div class="lb-trans"><p>高管們在發言時提到，在關税和頑固的通貨膨脹時代，價值依然佔據主導地位，而低收入購物者則更加深切地感受到這一十年來的可負擔性危機。政府停擺後，低收入消費者的狀況也受到更為密切的關注，這次停擺影響了數百萬美國人的食品援助。</p>
</div><p>Doug McMillon, Walmart's (WMT) outgoing chief executive, said on the chain's earnings call that middle- and and upper-income households drove growth in the U.S. during the third quarter. He said that &#34;lower-income families have been under additional pressure of late.&#34;</p>
<div class="lb-trans"><p>沃爾瑪（WMT）即將離任的首席執行官道格·麥克米倫在該連鎖店的財報電話會議上表示，中高收入家庭在第三季度推動了美國的增長。他提到 “低收入家庭最近承受了額外的壓力。”</p>
</div><p>The retailer's chief financial officer, John David Rainey, said there had been &#34;some moderation in spending&#34; among low-income consumers. But he said he was still upbeat on the key holiday season.</p>
<div class="lb-trans"><p>該零售商的首席財務官約翰·大衞·雷尼表示，低收入消費者的支出有所 “適度減緩”。但他表示對關鍵的假日季節仍然持樂觀態度。</p>
</div><p>&#34;There are pockets of moderation when we look by income cohort, and I don't want to sound alarmist in any way here, because again, overall, the business is very consistent, and that's our outlook into the fourth quarter,&#34; he said.</p>
<div class="lb-trans"><p>“當我們按收入層次查看時，確實存在一些適度減緩的現象，我不想在這裏發出警報，因為總體而言，業務非常穩定，這也是我們對第四季度的展望，” 他説。</p>
</div><p>Executives at Walmart and the other retailers made their remarks as more analysts see a bigger divide in the economy, where wealthier shoppers and asset owners continue to spend with ease, while everyone else treads water as prices keep rising.</p>
<div class="lb-trans"><p>沃爾瑪及其他零售商的高管們在發言時提到，越來越多的分析師看到經濟中存在更大的分化，富裕的購物者和資產擁有者繼續輕鬆消費，而其他人則在價格不斷上漲的情況下苦苦掙扎。</p>
</div><p>Still, Sujeet Naik, an analyst at Coresight Research, said that the big-box chain's results indicated that &#34;even the more affluent consumers are feeling the pinch of inflation and actively seeking lower prices by migrating to Walmart.&#34;</p>
<div class="lb-trans"><p>儘管如此，Coresight Research 的分析師蘇杰特·奈克表示，這家大賣場連鎖的業績表明 “即使是更富裕的消費者也感受到通貨膨脹的壓力，並積極尋求通過轉向沃爾瑪來獲得更低的價格。”</p>
</div><p>But he said the gap between lower and higher-income spenders had widened.</p>
<div class="lb-trans"><p>但他表示，低收入和高收入消費者之間的差距正在擴大。</p>
</div><p>&#34;There is kind of a bifurcation between the consumer spending,&#34; Naik said. &#34;Those at a higher-income level have been kind of resilient. But those that are at a lower income level, they have been pulling back their purchases, because of SNAP cuts and what I would say are persistent inflation and higher costs of living. &#34;</p>
<div class="lb-trans"><p>“消費者支出之間確實存在一種分化，” 奈克説。“高收入水平的消費者相對堅韌。但低收入水平的消費者則因 SNAP 削減以及我所説的持續通貨膨脹和更高的生活成本而減少了購買。”</p>
</div><p>At clothing retailer Gap, (GAP) some of that bifurcation was, to a degree, on display. Wealthier shoppers flocked to its namesake stores during the third quarter, while more lower-income ones went to its Old Navy locations.</p>
<div class="lb-trans"><p>在服裝零售商 Gap（GAP）那裏，這種分化在一定程度上得到了體現。富裕的購物者在第三季度湧向其品牌店，而更多的低收入消費者則前往其 Old Navy 店。</p>
</div><p>Chief Executive Richard Dickson, during Gap's earnings call, said the trends at Old Navy were &#34;encouraging despite widely reported macroeconomic pressure on the low-income consumer.&#34;</p>
<div class="lb-trans"><p>Gap 首席執行官理查德·迪克森在 Gap 的財報電話會議上表示，儘管低收入消費者面臨廣泛報道的宏觀經濟壓力，但 Old Navy 的趨勢 “令人鼓舞”。</p>
</div><p>&#34;There is external data that points to, of course, the macro pressure on the low-income consumer,&#34; he said later in the call. &#34;But our customers are finding our price value, our product, our styles. It's breaking through the competitive landscape and we're winning.&#34;</p>
<div class="lb-trans"><p>“當然，有外部數據指向低收入消費者面臨的宏觀壓力，” 他在電話會議上稍後表示。“但我們的客户發現了我們的價格價值、我們的產品和風格。這在競爭環境中脱穎而出，我們正在獲勝。”</p>
</div><p>Elsewhere, Michael Hartshorn, chief operating officer at Ross Stores (ROST), said the 7% same-store sales gain it notched during the third quarter was &#34;very broad-based across all income levels.&#34;</p>
<div class="lb-trans"><p>在其他地方，羅斯百貨（ROST）的首席運營官邁克爾·哈特肖恩表示，該公司在第三季度實現的 7% 的同店銷售增長 “在所有收入水平上都非常廣泛”。</p>
</div><p>&#34;We didn't see any distinction between the lower [or] higher income customers,&#34; he said.</p>
<div class="lb-trans"><p>“我們沒有看到低收入和高收入客户之間的區別，” 他説。</p>
</div><p>Both Ross and TJX (TJX), which runs TJ Maxx and Marshalls, raised their financial forecasts for the full year. John Klinger, TJX's chief financial officer, said lower-income consumers drove its same-store sales growth in most areas.</p>
<div class="lb-trans"><p>羅斯和 TJX（TJX）都提高了全年財務預測。TJX 的首席財務官約翰·克林格表示，低收入消費者在大多數地區推動了其同店銷售增長。</p>
</div><p>The retailers reported the results ahead of Black Friday, and as third-quarter earnings season winds down.</p>
<div class="lb-trans"><p>這些零售商在黑色星期五之前發佈了業績，而第三季度財報季也接近尾聲。</p>
</div><p>But even as worries about the economy linger, S&amp;P 500 companies collectively are on track to put up sales gains of 8.4% for the third quarter, which would mark the highest growth in three years, according to a FactSet report on Friday. Meanwhile, the big-tech Magnificent Seven companies, who have driven much of the growth for the index, reported their lowest earnings growth since the first quarter of 2023, that report said.</p>
<div class="lb-trans"><p>但即使經濟擔憂依然存在，標準普爾 500 指數的公司整體在第三季度有望實現 8.4% 的銷售增長，這將是三年來的最高增長，週五的 FactSet 報告稱。同時，推動該指數增長的大型科技公司 “七巨頭” 報告稱其自 2023 年第一季度以來的最低盈利增長。</p>
</div><p>During the week ahead, another off-price chain, Burlington Stores Inc. (BURL), reports results. So does department-store chain Kohl's Corp. (KSS), whose Sephora shops and private brands have shown signs of attracting cautious consumers as it tries to turn its business around. Athletic-gear chain Dick's Sporting Goods Inc. (DKS) also reports, following its purchase of Foot Locker.</p>
<div class="lb-trans"><p>在接下來的一週，另一家折扣連鎖店伯靈頓百貨（BURL）將發佈業績。百貨連鎖店科爾士（KSS）也將發佈業績，其 Sephora 商店和自有品牌已顯示出吸引謹慎消費者的跡象，試圖扭轉業務。運動裝備連鎖店迪克體育用品（DKS）也將在收購 Foot Locker 後發佈業績。</p>
</div><p>Best Buy Co. Inc. (BBY), Abercrombie &amp; Fitch Co. (ANF), Petco Health and Wellness Company Inc. (WOOF) and Urban Outfitters Inc. (URBN) also report during the week.</p>
<div class="lb-trans"><p>百思買（BBY）、Abercrombie &amp; Fitch（ANF）、Petco Health and Wellness Company（WOOF）和 Urban Outfitters（URBN）也將在本週發佈業績。</p>
</div><p>-Bill Peters</p>
<div class="lb-trans"><p>-比爾·彼得斯</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>11-23-25 1000ET</p>
<div class="lb-trans"><p>11-23-25 1000ET</p>
</div>

Retailers try to downplay worries about lower-income shoppers, as bargains reign supreme

- 多家零售商如 Walmart 和 Gap 報告顯示，低收入消費者面臨壓力。  
- 高收入家庭推動了美國經濟增長，但低收入家庭支出有所減少。  
- S&P 500 公司第三季度銷售增長預計達 8.4%，為三年來最高。  

零售商試圖淡化對低收入購物者的擔憂，因為折扣仍然是主導因素