It's thriving right now, but the market didn't like its fourth-quarter report.Costco Wholesale (COST -2.92%) is known for being a perpetual market beater, but Costco stock is actually lagging the market this year, up only 3% while the S&P 500 is up 13%. The market gave the company's latest results a mediocre reception despite coming in ahead of forecasts for both sales and earnings and management giving an upbeat feeling about the future.Has Costco's sheen finally worn off? Here are five things you need to ...

A Costco store sign is in Brampton, Ontario. The chain of membership-only warehouse club retail stores holds its Q4 2025 earnings call on September 25, 2025. (Photo by Mike Campbell/NurPhoto via Getty Images)NurPhoto via Getty ImagesCostco (NASDAQ: COST) completed fiscal 2025 (August fiscal year) with a solid quarter, slightly surpassing expectations and highlighting the strengths that distinguish it. Its Q4 earnings of $5.87 per share, a rise of 11% year-over-year, on $86.2 billion in revenue, an increase ...

Key Takeaways Costco's Q4 EPS of $5.87 beat estimates and rose from $5.15 a year ago.Revenues grew 8.1% to $86.2B, with comparable sales up 5.7% globally.Membership fees climbed 14% to $1.7B, with renewal rates above 89% worldwide.Costco Wholesale Corporation (COST) reported fourth-quarter fiscal 2025 results, wherein the top line marginally fell short of the Zacks Consensus Estimate, while the bottom line beat the same. Nonetheless, both revenues and earnings improved year over year, driven by robust membe ...

Costco Wholesale (NasdaqGS:COST) Q4 2025 Earnings Call September 25, 2025 05:00 PM ET Company ParticipantsGary Millerchip - EVP & CFORon Vachris - President, CEO & DirectorChuck Grom - Managing DirectorSimeon Gutman - Managing DirectorGreg Melich - Senior MDEdward Kelly - MD - Equity ResearchKelly Bania - MD - Equity ResearchSteven Zaccone - Director & Equity Research - Hardlines RetailOliver Chen - Managing Director - Retail, Luxury, New Platforms Sector HeadConference Call ParticipantsChristopher Horvers ...

Costco Wholesale (NasdaqGS:COST) Q4 2025 Earnings Call September 25, 2025 05:00 PM ET Speaker1Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Corporation Fourth Quarter Fiscal 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question durin ...

文章核心观点 - 自有品牌成为零售行业转型核心战略 旨在通过提升毛利 打造差异化产品和重建消费者信任来应对电商冲击和同质化竞争 但成功需全链路能力支撑而非简单贴牌[6][13][16][34][36][38][43] 外资零售启蒙与历史背景 - 外资零售巨头如麦德龙(1996年进入中国)和山姆(1996年进入深圳)早期通过自有品牌重塑中国市场 麦德龙自有品牌渗透率超70% 山姆SKU仅4000种但自有品牌占比超30%[7][8][10] - Costco 2019年进入中国后凭自有品牌Kirkland Signature贡献年收入三分之一 国内超市如华联/华润/大润发早年尝试自有品牌但多停留在贴牌阶段未成气候[10][11] 国内自有品牌发展现状 - 消费者认知显著提升 2022年数据显示90%消费者知道自有品牌 50%能准确说出名字 35%在过去半年购买过[11] - 巨头全面入场:阿里"超盒算NB"自有产品占60% 京东硬折扣店自有品牌占20% 七鲜超市达60% 美团"快乐猴"目标自有品牌占比60%[13][15] 推动自有品牌的核心动因 - 提升毛利:自有品牌比外采商品成本降20%-30% 通过减少中间环节和品牌溢价实现更高利润空间[13] - 打造差异化:通过稀缺性产品(如山姆麻薯面包/胖东来燕麦脆)建立独家性 高频刚需品类如烘焙/生鲜/快消品成为最佳抓手[16] - 商业模式转型:从"卖货架"的收租模式转向"卖商品"的经营模式 需深入供应链和用户需求洞察[16][17][34] 成功案例关键要素 - 胖东来:极致品控与源头直采 占据许昌全市近两成消费额 通过自建中央厨房和严格供应商筛选实现[21] - 山姆:极窄SKU策略(仅4000种) 自有品牌Member's Mark贡献40%营业额 通过定制产线(如机械手涂蛋液)实现爆品降价[21] - 奥乐齐:自有品牌占比高达90% SKU严格控制在2000以内 通过"破价商品"(如9.9元德国白酒)建立高性价比形象 每品类只合作1家核心工厂且品控流程长达1年[22][24] 永辉转型实践与挑战 - 学习胖东来模式:员工薪资普涨20%-50% 北京门店从4000涨至6000以上 但因成本压力(每家店需增员1/3导致年增数百万开支)已调整策略重点转向商品和供应链[29][30] - 自有品牌现状:销售占比仅5%-15% 以联名形式为主(如亨氏/燕庄) SKU超1000个 调改后营收同比下降20.73% 净亏损2.41亿元 服务性收入大跌40%[30][31][32] - 战略定位:并非简单复刻胖东来 而是通过共享供应链积累信任后过渡至自有产品 但目前顾客仍集中在熟食蔬果区 自有品牌销量一般[30][32] 行业共性挑战与失败原因 - 认知误区:65家大中型超市中39家销售自有品牌但仅贡献4%销售额 多数企业仍停留在贴牌阶段 缺乏研发/品控/差异化能力[34][35] - 能力缺失:需全链路投入(设计/研发/生产/品控/物流) 但企业常追求快回报 代工厂以次充好导致信誉风险 传统"卖货架"模式导致经营能力退化[34][35][36] - 战略模糊:42%自有品牌经理人认为企业战略不清晰 多家零售企业自有品牌竟来自同一供应商 未真正从消费者需求出发[41] 未来趋势与竞争本质 - 竞争核心从"货与场"转向"人":消费者更理性看重质价比(88%认为品牌信息与需求脱节 81%将质价比视为关键因素) 信任成为自有品牌成功基石[38][43] - 供应链重构:盒马推动"去KA模式" 永辉砍掉50%供应商推行裸价直采 需通过合资建厂/严控标准等方式实现"把好货卖便宜"[39][41] - 长期主义:自有品牌是慢生意(如奥乐齐单品研发上市需1年) 要求从渠道商转向零售制造商 美国市场自有品牌占比达29% 中国仅5%但头部企业如山姆/盒马已超30%[34][36][39]

Key Takeaways Costco leverages memberships, digital upgrades, and Kirkland Signature to drive growth and loyalty. TJX posted Q2 EPS of $1.10, up 15% year over year, on a 7% gain in consolidated net sales.Costco rose 5.5% in the past year, while TJX surged 19%, both beating the industry's 3.1% gain.Costco Wholesale Corporation (COST) and The TJX Companies, Inc. (TJX) hold prominent positions within the Retail–Discount Stores industry. Costco boasts a substantial market capitalization of approximately $421.8 ...

山姆反应很快，马上认错、下架、回调。 一场无声的战争早已打响。 一边是传统商超拼命加码，一边是零售巨头纷纷下场——京东、美团、阿里都没闲着，而它们手里都握 着同一张牌：自有品牌。 本文来自微信公众号：正和岛 （ID：zhenghedao），作者：豆汁儿，原文标题：《中国商超，杀红了 眼！》，题图来自：AI生成 有人说，胖东来随便一个年销几亿的单品，就够救活一家中型上市公司。 永辉听进去了。 连续亏了几年之后，2024年5月，永辉请来"胖东来帮扶团队"，并决意押注自有品牌——计划五年内开 发500个自有品牌单品，目标是占到总销售的40%。 之后不久，山姆因为悄悄把一些Member's Mark（MM山姆自有品牌）商品换成好丽友、卫龙这些市场 通货，被会员骂上热搜。 是跟风，还是求生；是火坑，还是未来？ 是老套路，还是新玩法？ 其实超市做自有品牌，早就不是什么新概念。 上世纪90年代中后期，家乐福、沃尔玛、麦德龙等外资零售巨头相继进入中国。它们以明亮的环境、齐 全的品类、高效的管理，迅速重塑了国人对"购物"的认知。 1996年，德国麦德龙在上海开出中国首店，其仓储式商业模式宛如一声惊雷，填补了中国市场的空白。 与 ...

Key Takeaways TJX reported 4% consolidated comp sales growth in Q2, topping internal projections.Marmaxx, HomeGoods, Canada and International all posted strong comparable sales gains.TJX expects fiscal 2026 EPS to be $4.52-$4.57, up 6-7% from last year's $4.26.The TJX Companies, Inc. ((TJX) delivered an impressive consolidated comparable store sales increase of 4% in the second quarter of fiscal 2026, a performance that surpassed its internal projections and was a key factor in the updated full-year outlook ...

Costco Wholesale (COST) is set to report its fiscal fourth-quarter 2025 earnings on Sept. 25 after the market closes. Many investors are focused on whether the company can uphold its membership model’s strength, manage margin pressures in the current retail environment, and continue pushing forward in e-commerce — all while navigating tariffs, supply-chain volatility, and changing consumer habits. Meanwhile, Costco’s August sales report posted on Sept. 4 was met positively by investors, triggering a multi ...