<p>比爾·彼得斯</p>
<p>沃爾瑪的股票在今年落後於同行和標準普爾 500 指數，一些分析師指出，公司的業務仍然以低利潤的食品雜貨銷售為主。</p>
<p>截至目前，沃爾瑪的股票表現落後於好市多、亞馬遜、塔吉特以及標準普爾 500 指數。</p>
<p>在本十年中，沃爾瑪的股票表現一直非常出色，但現在它在與最大競爭對手和整體市場的競爭中顯得力不從心。</p>
<p>幾個因素幫助解釋了沃爾瑪股票近期的表現不佳，今年迄今僅上漲 6%，落後於好市多、塔吉特和亞馬遜等競爭對手的股票。沃爾瑪成功吸引了因通貨膨脹而感到疲憊的消費者，並積極擁抱電子商務，但分析師表示，過去的收益與消費者的壓力相碰撞，可能對公司在技術領域的探索和努力保持低價以犧牲利潤的期望過於不切實際。</p>
<p>分析師們對沃爾瑪的前景仍持樂觀態度，但表示自去年以來，股票的定價已趨於完美。當沃爾瑪上個月發佈的第一季度財報略顯不完美時，一些投資者選擇了撤離，這也是今年股票表現疲軟的一個重要因素。</p>
<p>根據 Zacks 研究總監 Sheraz Mian 的説法，該報告的一個問題是，沃爾瑪選擇承擔與燃料、關税和其他供應中斷相關的一些額外成本，而不是將所有成本轉嫁給消費者。</p>
<p>一些分析師發現了其他問題。儘管沃爾瑪在零售領域佔據主導地位，但其運營利潤率尚未恢復到十多年前的水平，即亞馬遜成為更強競爭威脅之前的水平。他們還指出，沃爾瑪的一些大型技術投資——如人工智能、在線購物和廣告——掩蓋了沃爾瑪本質上仍然是一個非常大的食品雜貨店，附帶一些其他業務的事實。</p>
<p>沃爾瑪的股票估值可能接近大型科技公司。但晨星分析師 Brett Husslein 表示，與亞馬遜不同，沃爾瑪並沒有一個龐大的雲計算業務來支撐利潤率。</p>
<p>“他們主要是一家低利潤的食品雜貨零售商，我們認為市場在定價他們超越歷史最高盈利水平，” 他説。</p>
<p>雖然食品雜貨銷售驅動了沃爾瑪大部分的業務，但食品和飲料的利潤率低於商店中其他沒有過期日期的商品。Husslein 表示，公司需要從那些利潤率更高的非食品雜貨商品中創造更多業務，特別是電子產品、服裝和家居用品等一般商品，以提升利潤率和股票表現。</p>
<p>沃爾瑪的股票在週四上漲了 1.4%。但當投資者聚集在沃爾瑪的年度股東大會上時，該公司年初至今的 6% 漲幅落後於其他零售巨頭。</p>
<p>塔吉特（TGT）截至目前上漲了 27.7%，得益於低預期和新領導層推動的反彈。好市多（COST）在此期間上漲了 13.7%，隨着對會員續費率下降的擔憂開始減退。</p>
<p>在線零售巨頭亞馬遜（AMZN）今年上漲了 10.1%。標準普爾 500 指數（SPX）截至目前上漲了 10.5%。</p>
<p>與此同時，沃爾瑪未來 12 個月的市盈率——一個可以用來衡量股票是否被高估的指標——截至週二約為 37，是標準普爾 500 中第 52 高的。</p>
<p>在今年，沃爾瑪的市場估值偶爾突破 1 萬億美元的門檻，但公司一直難以維持在這一水平。週四時，其市值約為 9400 億美元。</p>
<p>Husslein 在今年早些時候指出，沃爾瑪的運營利潤率需要接近其歷史高點——即超過 6%——才能證明其高估值。這是十多年來未見的水平。在第一季度，沃爾瑪的運營利潤率為 4.2%，根據 FactSet 的數據。</p>
<p>Husslein 預測，到本世紀末，利潤率將擴大到 5.6%。他説，沃爾瑪的美國一般商品業務在 2011 財年佔據了市場的 13.8% 份額。在 2026 財年，由於競爭加劇，該市場份額降至 11.1%。</p>
<p>過去四年，對更多非必需品的需求也受到影響，價格上漲使更多消費者轉向食品雜貨等基本商品。</p>
<p>隨着伊朗戰爭使美國平均汽油價格保持在每加侖 4 美元以上，沃爾瑪高管在上個月的財報電話會議上表示，人們在油箱中加油的數量減少——這是消費者焦慮加深的跡象。他們還表示，如果燃料成本保持高位，商店中的商品價格可能會繼續上漲。</p>
<p>D.A. Davidson 分析師 Michael Baker 表示，沃爾瑪在某種程度上是自身成功的受害者。</p>
<p>“在過去幾年中，這是一隻非常好的股票，” 他表示，輕鬆超越了好市多和標準普爾 500 在過去兩年的表現。</p>
<p>“估值已經上升，並且以溢價交易，” 他補充道。“因此，股票的表現不如過去幾年那麼好。”</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>06-04-26 1240ET</p>

沃爾瑪

亞馬遜

開市客

塔吉特

<p>沃爾瑪的股票在今年表現不及競爭對手如開市客、塔吉特和亞馬遜，僅上漲了 6%，而標準普爾 500 指數上漲了 10.5%。分析師將此歸因於低利潤率的食品雜貨主導地位、消費者壓力以及與不盡如人意的收益相沖突的完美估值。儘管進行了科技投資，沃爾瑪仍缺乏雲計算等高利潤率業務來證明其約 37 的市盈率。投資者對停滯的運營利潤率和一般商品領域的競爭表示擔憂</p>

<p>By Bill Peters</p>
<div class="lb-trans"><p>比爾·彼得斯</p>
</div><p>Walmart shares have lagged peers and the S&amp;P 500 this year, with some analysts noting that business is still dominated by low-margin grocery sales</p>
<div class="lb-trans"><p>沃爾瑪的股票在今年落後於同行和標準普爾 500 指數，一些分析師指出，公司的業務仍然以低利潤的食品雜貨銷售為主。</p>
</div><p>Walmart shares have trailed those of Costco, Amazon.com, Target - and the S&amp;P 500 index so far this year.</p>
<div class="lb-trans"><p>截至目前，沃爾瑪的股票表現落後於好市多、亞馬遜、塔吉特以及標準普爾 500 指數。</p>
</div><p>Walmart has been a killer stock for the better part of this decade, but it's now struggling to keep pace with its biggest rivals and the overall market.</p>
<div class="lb-trans"><p>在本十年中，沃爾瑪的股票表現一直非常出色，但現在它在與最大競爭對手和整體市場的競爭中顯得力不從心。</p>
</div><p>Several factors help explain the recent underperformance of Walmart shares, which are up just 6% so far this year, lagging behind rival stocks like Costco, Target and Amazon.com. Walmart has had success drawing inflation-fatigued shoppers and embracing e-commerce, but analysts say past gains are colliding with consumer stresses, potentially unrealistic expectations around the company's tech forays and efforts to keep prices low at the expense of margins.</p>
<div class="lb-trans"><p>幾個因素幫助解釋了沃爾瑪股票近期的表現不佳，今年迄今僅上漲 6%，落後於好市多、塔吉特和亞馬遜等競爭對手的股票。沃爾瑪成功吸引了因通貨膨脹而感到疲憊的消費者，並積極擁抱電子商務，但分析師表示，過去的收益與消費者的壓力相碰撞，可能對公司在技術領域的探索和努力保持低價以犧牲利潤的期望過於不切實際。</p>
</div><p>Analysts are still upbeat on Walmart's prospects overall, but say the stock has been priced to perfection since last year. And when Walmart's first-quarter earnings last month came out slightly less than perfect, some investors fled, a big factor behind this year's sluggish stock performance.</p>
<div class="lb-trans"><p>分析師們對沃爾瑪的前景仍持樂觀態度，但表示自去年以來，股票的定價已趨於完美。當沃爾瑪上個月發佈的第一季度財報略顯不完美時，一些投資者選擇了撤離，這也是今年股票表現疲軟的一個重要因素。</p>
</div><p>One issue with that report, according to Zacks Director of Research Sheraz Mian, is that Walmart opted to eat some of the extra costs related to fuel, tariffs and other supply disruptions, rather than pass all of it on to consumers in the form of price increases.</p>
<div class="lb-trans"><p>根據 Zacks 研究總監 Sheraz Mian 的説法，該報告的一個問題是，沃爾瑪選擇承擔與燃料、關税和其他供應中斷相關的一些額外成本，而不是將所有成本轉嫁給消費者。</p>
</div><p>Some analysts have found other issues. Despite Walmart dominating the retail universe, its operating margins have yet to rebound to levels seen more than a decade ago, before Amazon.com (AMZN) became a fiercer competitive threat. And they suggested some of Walmart's bigger tech investments - things like AI, online shopping and advertising - masked the fact that, at its core, Walmart is essentially a very large grocery store with some ancillary businesses.</p>
<div class="lb-trans"><p>一些分析師發現了其他問題。儘管沃爾瑪在零售領域佔據主導地位，但其運營利潤率尚未恢復到十多年前的水平，即亞馬遜成為更強競爭威脅之前的水平。他們還指出，沃爾瑪的一些大型技術投資——如人工智能、在線購物和廣告——掩蓋了沃爾瑪本質上仍然是一個非常大的食品雜貨店，附帶一些其他業務的事實。</p>
</div><p>Walmart may have a stock valuation in the neighborhood of a big tech company. But Morningstar analyst Brett Husslein said that, unlike Amazon, it doesn't have a massive cloud-computing business to prop up margins.</p>
<div class="lb-trans"><p>沃爾瑪的股票估值可能接近大型科技公司。但晨星分析師 Brett Husslein 表示，與亞馬遜不同，沃爾瑪並沒有一個龐大的雲計算業務來支撐利潤率。</p>
</div><p>&#34;They are primarily a low-margin grocery retailer, and we think the market is pricing in them exceeding all-time highs in profitability,&#34; he said.</p>
<div class="lb-trans"><p>“他們主要是一家低利潤的食品雜貨零售商，我們認為市場在定價他們超越歷史最高盈利水平，” 他説。</p>
</div><p>While grocery sales drive most of Walmart's business, the margins on food and beverages are lower than those of other items in the store that don't have expiration dates. Husslein said the company needs to generate more business from those higher-margin nongrocery items - in particular, general-merchandise products such as electronics, clothes and housewares - to boost margins and the stock.</p>
<div class="lb-trans"><p>雖然食品雜貨銷售驅動了沃爾瑪大部分的業務，但食品和飲料的利潤率低於商店中其他沒有過期日期的商品。Husslein 表示，公司需要從那些利潤率更高的非食品雜貨商品中創造更多業務，特別是電子產品、服裝和家居用品等一般商品，以提升利潤率和股票表現。</p>
</div><p>Shares of Walmart were up 1.4% on Thursday. But as investors gathered for Walmart's annual shareholder meeting on Thursday, the company's 6% year-to-date gains trail those of other retail giants.</p>
<div class="lb-trans"><p>沃爾瑪的股票在週四上漲了 1.4%。但當投資者聚集在沃爾瑪的年度股東大會上時，該公司年初至今的 6% 漲幅落後於其他零售巨頭。</p>
</div><p>Target (TGT) has gained 27.7% so far this year, helped by low expectations and a rebound driven by new leadership. Costco Wholesale (COST) is up 13.7% over that period, as concerns about slipping membership renewal rates start to fade.</p>
<div class="lb-trans"><p>塔吉特（TGT）截至目前上漲了 27.7%，得益於低預期和新領導層推動的反彈。好市多（COST）在此期間上漲了 13.7%，隨着對會員續費率下降的擔憂開始減退。</p>
</div><p>Online retail giant Amazon.com (AMZN), meanwhile, is up 10.1% this year. The S&amp;P 500 index SPX is up 10.5% so far this year.</p>
<div class="lb-trans"><p>在線零售巨頭亞馬遜（AMZN）今年上漲了 10.1%。標準普爾 500 指數（SPX）截至目前上漲了 10.5%。</p>
</div><p>Meanwhile, Walmart's price-to-earnings ratio for the next 12 months - a metric that can be used to gauge whether a stock is overvalued - stood at around 37 as of Tuesday, the 52nd highest in the S&amp;P 500.</p>
<div class="lb-trans"><p>與此同時，沃爾瑪未來 12 個月的市盈率——一個可以用來衡量股票是否被高估的指標——截至週二約為 37，是標準普爾 500 中第 52 高的。</p>
</div><p>Over this year, Walmart's market valuation has occasionally cracked the $1 trillion barrier, but the company has struggled to stay there. It had a market capitalization of about $940 billion on Thursday.</p>
<div class="lb-trans"><p>在今年，沃爾瑪的市場估值偶爾突破 1 萬億美元的門檻，但公司一直難以維持在這一水平。週四時，其市值約為 9400 億美元。</p>
</div><p>Husslein noted earlier this year that Walmart's operating margins would need to be closer to its historic highs - or more than 6% - to justify its lofty valuation. That's a level not seen in more than a decade. In the first quarter, Walmart's operating margin stood at 4.2%, according to FactSet.</p>
<div class="lb-trans"><p>Husslein 在今年早些時候指出，沃爾瑪的運營利潤率需要接近其歷史高點——即超過 6%——才能證明其高估值。這是十多年來未見的水平。在第一季度，沃爾瑪的運營利潤率為 4.2%，根據 FactSet 的數據。</p>
</div><p>Husslein forecasts margins expanding to 5.6% by the end of the decade. He said that Walmart's U.S. general merchandise business commanded a 13.8% share of the market in fiscal 2011. In fiscal 2026, that market share stood at 11.1% due to heightened competition.</p>
<div class="lb-trans"><p>Husslein 預測，到本世紀末，利潤率將擴大到 5.6%。他説，沃爾瑪的美國一般商品業務在 2011 財年佔據了市場的 13.8% 份額。在 2026 財年，由於競爭加劇，該市場份額降至 11.1%。</p>
</div><p>Demand for more discretionary goods has also suffered over the past four years, with higher prices steering more shoppers toward basics like groceries.</p>
<div class="lb-trans"><p>過去四年，對更多非必需品的需求也受到影響，價格上漲使更多消費者轉向食品雜貨等基本商品。</p>
</div><p>As the Iran war keeps average U.S. gas prices above $4 a gallon, Walmart executives said during the chain's earnings call last month that people weren't putting as much gas in their tanks - a sign of deeper consumer anxiety. They also said prices of items in stores could keep climbing if fuel costs stay elevated.</p>
<div class="lb-trans"><p>隨着伊朗戰爭使美國平均汽油價格保持在每加侖 4 美元以上，沃爾瑪高管在上個月的財報電話會議上表示，人們在油箱中加油的數量減少——這是消費者焦慮加深的跡象。他們還表示，如果燃料成本保持高位，商店中的商品價格可能會繼續上漲。</p>
</div><p>D.A. Davidson analyst Michael Baker said that Walmart, to some degree, has been a victim of its own success.</p>
<div class="lb-trans"><p>D.A. Davidson 分析師 Michael Baker 表示，沃爾瑪在某種程度上是自身成功的受害者。</p>
</div><p>&#34;It's been a very good stock over the last few years,&#34; easily beating out Costco and the S&amp;P 500 over the past two calendar years, he said.</p>
<div class="lb-trans"><p>“在過去幾年中，這是一隻非常好的股票，” 他表示，輕鬆超越了好市多和標準普爾 500 在過去兩年的表現。</p>
</div><p>&#34;The valuation has increased and is trading at a premium,&#34; he added. &#34;So it's just harder for the stock to work as well as it has the last few years.&#34;</p>
<div class="lb-trans"><p>“估值已經上升，並且以溢價交易，” 他補充道。“因此，股票的表現不如過去幾年那麼好。”</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>06-04-26 1240ET</p>
<div class="lb-trans"><p>06-04-26 1240ET</p>
</div>

Walmart's stock was once a market darling. Now its tech-fueled valuation faces a reality check.

- 沃爾瑪股價今年表現遜色，漲幅僅為 6% 。  
- 低利潤的食品銷售佔主導，且面臨激烈競爭。  
- 股價估值過高，需提高毛利以支撐市場預期。

沃爾瑪的股票曾經是市場的寵兒。如今，其由技術推動的估值正面臨現實的考驗