Costco的盈利表现超出预期，但需要更多数据才能证明其当前估值相对于市场是合理的。
逐段跳播
让我们深入探讨一下我们在Costco股价上看到的这些走势和反应，今天与我们一起的是FBB Capital Partners的投资组合经理Mel Casey，以及LSCEG的消费者研究总监Sharon Mathis。
Let's delve into some of these moves in the reactions we're seeing toward Costco shares, with Mel Casey, portfolio manager at FBB Capital Partners, and Sharon Mathis, director of consumer research at LSCEG, joining us today.
该公司在营收和利润两方面都超出了预期；即便剔除关税退款，表现也好于预期。首先，是的，今天的反应不错，公司跑赢了市场，尽管自年初以来其表现仍显著低于整体市场。
The company exceeded expectations in both revenue and profit; even excluding customs duty refunds, performance was better than anticipated. Firstly, yes, the reaction today was good, with the company outperforming the market, although it is still significantly below the overall market performance since the beginning of the year.
利润不错，你说得对，如果剔除一次性的关税因素。这份报告依然不错，但我认为，对于当前估值水平下的这只股票而言，其前景在于投资者可能需要看到更多数据才能跟上市场。
The profits were good, and you're right, if we exclude the one-time customs duty. The report is still good , but I think the outlook here for a stock at the current valuation is that investors probably need to see more data to catch up with the market .
因此，续订现有订阅仍有不错的需求，这增强了与现有会员定价的能力，但会员增长率对分析师来说很重要。
Therefore, there is still good demand for renewing existing subscriptions, which enhances the ability to set prices with existing members, but the membership growth rate is important for analysts.
如果我们想证明当前估值的合理性，这才是应该关注的数字。我知道，Sharon，同店销售更高，6月上涨8.8%，7月上涨8.9%，8月上涨8.4%。
If we want to justify the current assessment, this is the number that should be focused on . I know, Sharon, that same-store sales were higher, up 8.8% in June, 8.9% in July, and 8.4% in August.
从业绩结果来看非常清楚，消费者非常注重价值和便利。数字销售增长了20%，这与我们在本财报季所看到的情况一致。我们注意到，消费者不仅购买了非食品类商品，还转向了数字药房，这表明他们充分受益于Costco的多渠道购物体验。
It was very clear from the results that the consumer is very focused on value and convenience. Digital sales grew by 20%, which is in line with what we have seen during this earnings season.
We noticed that consumers not only purchased non- food products, but also turned to digital pharmacies, indicating that they fully benefited from Costco's multi-channel shopping experience.
除了更低的燃油价格使会员资格更具吸引力之外，它还让购物者可以给车加油、停车，并购买日常必需品之外更多的东西。他们在珠宝、家居用品，甚至电子产品上花钱，而这些品类在其他零售商那里需求非常疲软。
In addition to lower fuel prices making membership more attractive, it allows shoppers to fill up their cars, park them, and buy more than just everyday necessities. They are spending money on jewelry, home furnishings, and even electronics, items that have seen very weak demand from other retailers.
至于“Mill”，新会员增长的放缓，是我们最初注意到这一下滑时始终突出的问题。你说这只是我们所看到的K型曲线经济形态的一个可能指标。
As for "Mill," the slowdown in the growth of new members was something that consistently stood out when we first noticed this decline. You say it's just a possible indicator of the shape of the K-curve economy we're seeing.
在我们继续看到现有会员以非常强劲的水平消费的同时，你是否担心这一指标的轻微放缓和轻微下降？
Are you concerned about this slight slowdown and slight decrease in this indicator, while we continue to see current members spending at very strong levels ?
是的，在这里审视K型曲线经济理论很重要，因为当我们想到Costco时，它有时看起来更像一场运动而非一家企业，它所享有的忠诚度在零售行业几乎是独一无二的。
Yes, it is important to look at the K-curve theory of economics here, because when we think about Costco, it sometimes seems more like a movement than a business, and the loyalty it enjoys is almost unique in the retail sector.
然而，这件事仍有敏感的经济层面。这些额外的客户从何而来？如果他们难以达到新订阅用户的预期，这可能表明经济正呈现这种K型曲线。
However, there is still a sensitive economic aspect to this matter. Where does this additional customer come from? And if they are having difficulty meeting expectations regarding new subscribers, it may be an indication that the economy is taking this K-curve.
还有Sharon，你强调了食品，你知道，人人都爱Costco的热狗，当然，还有配软饮的热狗。他们还下调了一些Kirkland产品的价格，以维持这种价值。
And Sharon, you highlighted food, you know, everyone loves a Costco hot dog, of course, a hot dog with a soft drink. They have also reduced prices on some Kirkland products to maintain this value .
我想我前面提到过价值、价值、价值的重要性，这才是现在关键所在。我们之前不是在谈Costco，但在这种情况下，热狗和汽水卖1.50美元、Kirkland的低价选择，价值策略对于维持客流和忠诚度有多重要？
I think I mentioned earlier the importance of value, value, value, that's what matters now. We weren't talking about Costco, but how important is a value strategy in maintaining footfall and loyalty under these circumstances, with hot dogs and sodas at $1.50, and Kirkland's low-priced options?
价值已成为一个根本性要素。价值不再只是一种促销工具，而是变成了一种竞争优势。
Value has become a fundamental element. Value is no longer just a promotional tool, but has become a competitive advantage.
Costco 的股价在当天开盘时下跌，但目前仍上涨约 2.5%。
Costco's stock price fell at the start of the day, but is still up by about 2.5%.
这个频道对 $COST 的历次判断
Schwab Network 在这只股票上只有这一条判断。