<h2>關鍵點</h2>
<ul>
<li>消費者在支出上變得謹慎，影響了零售商的業績。</li>
<li>Costco 通過向會員提供價值定價逆勢而上。</li>
<li>TJX 在經濟困難時期表現出色。</li>
<li>我們更看好的 10 只股票超過 Costco Wholesale ›</li>
</ul>
<p>過去幾年，許多零售商面臨困難。高價格給消費者帶來了壓力，而關税和高油價使情況更加嚴峻。</p>
<p>但並非所有零售股票表現不佳。<strong>Costco Wholesale</strong>（納斯達克：COST）和 <strong>TJX Companies</strong>（紐約證券交易所：TJX）都發布了令人印象深刻的業績，並回饋了股東。</p>
<p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</strong></em></p>
<p>儘管如此，對於今年購買其股票的長期投資者來説，仍然有很大的上行空間。以下是這兩家公司為何仍然是頂尖零售商的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2Njk3Mi9nZXR0eWltYWdlcy00NzAyODYyNTAtMTIwMXg4MDEtZDIxYjQ1ZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2Njk3Mi9nZXR0eWltYWdlcy00NzAyODYyNTAtMTIwMXg4MDEtZDIxYjQ1ZC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. Costco</h2>
<p>當你要求人們支付費用以在你的倉庫購物時，你需要讓會員滿意。Costco 在這方面已經做得非常出色，提供種類繁多的高質量商品和服務，價格具有吸引力。</p>
<p>管理層甚至表現出願意放棄短期盈利，以便更好地服務客户並培養他們的忠誠度。例如，它在經過比平常更長的七年後，決定在 2024 年 9 月 1 日之前不提高年度費用。</p>
<p>多年來，它在保留會員方面做得很好。其全球續費率通常保持在 90% 左右，包括在截至 5 月 10 日的財政第三季度的 89.7%。</p>
<p>Costco 還持續增長同店銷售（comps）。在許多零售商在廣泛的通貨膨脹壓力下掙扎以提高同店銷售的情況下，這一點尤其令人印象深刻。在最近的三個月中，剔除外匯轉換和油價變化的影響後，同店銷售增長了 6.6%，這得益於消費者支出和到店流量的增加。</p>
<p>該公司不僅僅是在犧牲盈利能力的情況下增長銷售。第三季度的營業收入同比增長了 11.3%。</p>
<p>Costco 有一個簡單的商業計劃，管理層執行得非常好。它繼續開設新的倉庫，幸運的是，它還有更多的擴展空間。年初時，它有 914 個倉庫，在前九個月中開設了 14 個。管理層預計本季度將再增加 12 個新倉庫。大多數新倉庫位於美國和加拿大，但它也將在國際上開設幾個。</p>
<p>持續強勁的業績和擴展機會是一個強大的組合。</p>
<h2>2. TJX Companies</h2>
<p>TJX Companies 通過提供 20% 到 60% 的折扣的服裝和家居商品吸引顧客。其受歡迎的零售品牌包括 TJ Maxx、Marshalls 和 HomeGoods。</p>
<p>該公司如何以如此深的折扣提供商品？它從製造商那裏購買過剩庫存。更好的是，經濟形勢越困難，TJX 以有吸引力的價格購買商品的機會就越好。</p>
<p>在正常時期，它表現良好，但在困難條件下，它擁有更多高質量、低價格的庫存。這是完美的，因為消費者總是尋找便宜貨，尤其在這種情況下，他們變得特別敏感於價格。</p>
<p>這些可能是消費者壓力重重的時期，但他們在所有零售連鎖店中對 TJX 的商品表現出強烈的需求。其財政第一季度的同店銷售在恆定貨幣基礎上增長了 8%。這是截至 5 月 2 日的期間。管理層預計全年同店銷售將強勁增長 3% 至 4%。</p>
<p>TJX 的庫存比一年前增加了 6%，但與一些零售商不同，這在目前並不是負面因素。它發現了大量有吸引力的購買機會，使公司能夠為客户提供更多商品。畢竟，該零售商不需要通過折扣商品來清理庫存，其毛利率為 31.3%，比去年擴大了 1.8 個百分點。</p>
<p>它的盈利能力也很高。TJX 第一季度的稀釋每股收益同比增長 29.3%，達到 1.19 美元。</p>
<p>管理層還看到增長機會，在第一季度增加了 48 個門店。該期間結束時，它擁有 5,262 家門店。</p>
<p>隨着銷售增長，顯然還有更多的門店空間。</p>
<h2>你現在應該購買 Costco Wholesale 的股票嗎？</h2>
<p>在你購買 Costco Wholesale 的股票之前，請考慮以下幾點：</p>
<p>_Motley Fool Stock Advisor_分析團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong> 供投資者現在購買……而 Costco Wholesale 並不在其中。入選的 10 只股票在未來幾年可能會產生巨大的回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 449,393 美元</strong>！* 或者當 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 1,366,006 美元</strong>！*</p>
<p>現在，值得注意的是，_Stock Advisor_的總平均回報率為 983%——相比之下，標準普爾 500 指數的回報率為 212%。<strong>不要錯過最新的前 10 名單，加入由個人投資者為個人投資者建立的投資社區。</strong></p>
<p><strong>查看 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回報截至 2026 年 6 月 4 日。</em></p>
<p><em>Lawrence Rothman, CFA 在 Costco Wholesale 持有頭寸。Motley Fool 在 Costco Wholesale 和 TJX Companies 持有頭寸並推薦這兩家公司。Motley Fool 有披露政策。</em></p>
<p>此處表達的觀點和意見是作者的觀點和意見，並不一定反映 Nasdaq, Inc.的觀點。</p>

TJX零售

開市客

<p>在消費者支出謹慎的背景下，Costco 和 TJX 公司脱穎而出，成為頂級零售股票。Costco 通過價值定價、高會員保留率（約 90%）和持續的同店銷售增長（最近為 6.6%）表現出色。TJX 則通過對過剩庫存提供深度折扣而蓬勃發展，受益於對價格敏感的消費者；其財年第一季度的同店銷售增長了 8%，並且盈利能力強勁，擴張計劃良好。儘管面臨更廣泛的零售挑戰，這兩家公司仍展現出韌性和增長潛力</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵點</h2>
</div><ul>
<li>Consumers have been careful about spending, affecting retailers' results.</li>
<li>Costco has bucked the trend by offering value pricing to members.</li>
<li>TJX thrives in challenging economic times.</li>
<li>10 stocks we like better than Costco Wholesale ›</li>
</ul>
<div class="lb-trans"><ul>
<li>消費者在支出上變得謹慎，影響了零售商的業績。</li>
<li>Costco 通過向會員提供價值定價逆勢而上。</li>
<li>TJX 在經濟困難時期表現出色。</li>
<li>我們更看好的 10 只股票超過 Costco Wholesale ›</li>
</ul>
</div><p>Many retailers have had a tough time over the last couple of years. High prices are weighing on consumers, and tariffs and high gas prices have only made things more challenging.</p>
<div class="lb-trans"><p>過去幾年，許多零售商面臨困難。高價格給消費者帶來了壓力，而關税和高油價使情況更加嚴峻。</p>
</div><p>But not all retailer stocks have done poorly. <strong>Costco Wholesale</strong>(NASDAQ: COST) and <strong>TJX Companies</strong>(NYSE: TJX) have posted impressive results and rewarded shareholders.</p>
<div class="lb-trans"><p>但並非所有零售股票表現不佳。<strong>Costco Wholesale</strong>（納斯達克：COST）和 <strong>TJX Companies</strong>（紐約證券交易所：TJX）都發布了令人印象深刻的業績，並回饋了股東。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</strong></em></p>
</div><p>Nonetheless, there's plenty of upside for long-term investors who purchase their shares this year. Here's why these two companies remain top-of-the-class retailers.</p>
<div class="lb-trans"><p>儘管如此，對於今年購買其股票的長期投資者來説，仍然有很大的上行空間。以下是這兩家公司為何仍然是頂尖零售商的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2Njk3Mi9nZXR0eWltYWdlcy00NzAyODYyNTAtMTIwMXg4MDEtZDIxYjQ1ZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F866972%2Fgettyimages-470286250-1201x801-d21b45d.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>1. Costco</h2>
<div class="lb-trans"><h2>1. Costco</h2>
</div><p>When you ask people to pay a fee to shop at your warehouses, you need to make members happy. Costco has excelled at doing so for decades by offering a wide range of high-quality goods and services at attractive unit prices.</p>
<div class="lb-trans"><p>當你要求人們支付費用以在你的倉庫購物時，你需要讓會員滿意。Costco 在這方面已經做得非常出色，提供種類繁多的高質量商品和服務，價格具有吸引力。</p>
</div><p>Management has even shown a willingness to forgo short-term profitability in an effort to service customers and engender their loyalty. For instance, it held off on raising its annual fee, increasing it effective Sept. 1, 2024, after a longer-than-usual seven years.</p>
<div class="lb-trans"><p>管理層甚至表現出願意放棄短期盈利，以便更好地服務客户並培養他們的忠誠度。例如，它在經過比平常更長的七年後，決定在 2024 年 9 月 1 日之前不提高年度費用。</p>
</div><p>And it's done a fine job of retaining members over the years. Its global renewal rate typically hovers around 90%, including 89.7% in the fiscal third quarter, which ended on May 10.</p>
<div class="lb-trans"><p>多年來，它在保留會員方面做得很好。其全球續費率通常保持在 90% 左右，包括在截至 5 月 10 日的財政第三季度的 89.7%。</p>
</div><p>Costco also consistently grows same-store sales (comps). That's particularly impressive during recent times when many retailers have struggled to increase comps in the face of broad-based inflationary pressures. In the most recent three-month period, comps increased 6.6%, after removing foreign-currency translations and the impact of gasoline price changes, driven by increased spending and traffic to its stores.</p>
<div class="lb-trans"><p>Costco 還持續增長同店銷售（comps）。在許多零售商在廣泛的通貨膨脹壓力下掙扎以提高同店銷售的情況下，這一點尤其令人印象深刻。在最近的三個月中，剔除外匯轉換和油價變化的影響後，同店銷售增長了 6.6%，這得益於消費者支出和到店流量的增加。</p>
</div><p>The company is not merely growing sales at the expense of profitability, either. Third-quarter operating income increased 11.3% year over year.</p>
<div class="lb-trans"><p>該公司不僅僅是在犧牲盈利能力的情況下增長銷售。第三季度的營業收入同比增長了 11.3%。</p>
</div><p>Costco has a simple business plan that management executes very well. It continues to open new warehouses, and fortunately, it has room for more expansion. It started the year with 914 warehouses and opened 14 during the first nine months. Management anticipates adding another 12 this quarter. Most of the new warehouses are located in the U.S. and Canada, but it will also open a couple internationally.</p>
<div class="lb-trans"><p>Costco 有一個簡單的商業計劃，管理層執行得非常好。它繼續開設新的倉庫，幸運的是，它還有更多的擴展空間。年初時，它有 914 個倉庫，在前九個月中開設了 14 個。管理層預計本季度將再增加 12 個新倉庫。大多數新倉庫位於美國和加拿大，但它也將在國際上開設幾個。</p>
</div><p>Consistently strong results and expansion opportunities are a powerful combination.</p>
<div class="lb-trans"><p>持續強勁的業績和擴展機會是一個強大的組合。</p>
</div><h2>2. TJX Companies</h2>
<div class="lb-trans"><h2>2. TJX Companies</h2>
</div><p>TJX Companies attracts customers by offering apparel and home goods merchandise at a 20% to 60% discount. Its popular retail banners include TJ Maxx, Marshalls, and HomeGoods.</p>
<div class="lb-trans"><p>TJX Companies 通過提供 20% 到 60% 的折扣的服裝和家居商品吸引顧客。其受歡迎的零售品牌包括 TJ Maxx、Marshalls 和 HomeGoods。</p>
</div><p>How can the company offer goods at such deep discounts? It buys excess inventory from manufacturers. Better still, the more challenging the economic times, the better the opportunity for TJX to buy goods at attractive prices.</p>
<div class="lb-trans"><p>該公司如何以如此深的折扣提供商品？它從製造商那裏購買過剩庫存。更好的是，經濟形勢越困難，TJX 以有吸引力的價格購買商品的機會就越好。</p>
</div><p>It does well during normal times, but it has more high-quality, low-priced inventory amid challenging conditions. That's perfect, since that's when consumers, who always look for bargains, become particularly price-sensitive.</p>
<div class="lb-trans"><p>在正常時期，它表現良好，但在困難條件下，它擁有更多高質量、低價格的庫存。這是完美的，因為消費者總是尋找便宜貨，尤其在這種情況下，他們變得特別敏感於價格。</p>
</div><p>These may be stressful times for consumers, but they've clamored for TJX's merchandise across all of its retail chains. Its fiscal first-quarter comps increased 8% on a constant-currency basis. That's for the period that ended on May 2. Management expects a strong 3% to 4% comps growth for the year.</p>
<div class="lb-trans"><p>這些可能是消費者壓力重重的時期，但他們在所有零售連鎖店中對 TJX 的商品表現出強烈的需求。其財政第一季度的同店銷售在恆定貨幣基礎上增長了 8%。這是截至 5 月 2 日的期間。管理層預計全年同店銷售將強勁增長 3% 至 4%。</p>
</div><p>TJX has 6% more inventory than a year ago, but unlike some retailers, that's not a negative right now. It has found an abundance of attractive buying opportunities, allowing the company to provide more offerings to customers. After all, the retailer didn't have to discount goods to clear shelves, as seen by its 31.3% gross margin, a 1.8-percentage-point expansion from last year.</p>
<div class="lb-trans"><p>TJX 的庫存比一年前增加了 6%，但與一些零售商不同，這在目前並不是負面因素。它發現了大量有吸引力的購買機會，使公司能夠為客户提供更多商品。畢竟，該零售商不需要通過折扣商品來清理庫存，其毛利率為 31.3%，比去年擴大了 1.8 個百分點。</p>
</div><p>It's also highly profitable. TJX's first-quarter diluted earnings per share grew 29.3% year over year to $1.19.</p>
<div class="lb-trans"><p>它的盈利能力也很高。TJX 第一季度的稀釋每股收益同比增長 29.3%，達到 1.19 美元。</p>
</div><p>Management also sees a growth opportunity, adding 48 locations during the first quarter. It finished the period with 5,262 stores.</p>
<div class="lb-trans"><p>管理層還看到增長機會，在第一季度增加了 48 個門店。該期間結束時，它擁有 5,262 家門店。</p>
</div><p>With its sales growth, there's clearly room for more locations.</p>
<div class="lb-trans"><p>隨着銷售增長，顯然還有更多的門店空間。</p>
</div><h2>Should you buy stock in Costco Wholesale right now?</h2>
<div class="lb-trans"><h2>你現在應該購買 Costco Wholesale 的股票嗎？</h2>
</div><p>Before you buy stock in Costco Wholesale, consider this:</p>
<div class="lb-trans"><p>在你購買 Costco Wholesale 的股票之前，請考慮以下幾點：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Costco Wholesale wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p>_Motley Fool Stock Advisor_分析團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong> 供投資者現在購買……而 Costco Wholesale 並不在其中。入選的 10 只股票在未來幾年可能會產生巨大的回報。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $449,393</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,366,006</strong>!*</p>
<div class="lb-trans"><p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 449,393 美元</strong>！* 或者當 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 1,366,006 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 983% — a market-crushing outperformance compared to 212% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>現在，值得注意的是，_Stock Advisor_的總平均回報率為 983%——相比之下，標準普爾 500 指數的回報率為 212%。<strong>不要錯過最新的前 10 名單，加入由個人投資者為個人投資者建立的投資社區。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of June 4, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回報截至 2026 年 6 月 4 日。</em></p>
</div><p><em>Lawrence Rothman, CFA has positions in Costco Wholesale. The Motley Fool has positions in and recommends Costco Wholesale and TJX Companies. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Lawrence Rothman, CFA 在 Costco Wholesale 持有頭寸。Motley Fool 在 Costco Wholesale 和 TJX Companies 持有頭寸並推薦這兩家公司。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此處表達的觀點和意見是作者的觀點和意見，並不一定反映 Nasdaq, Inc.的觀點。</p>
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2026 年最值得購買的兩隻零售股票