快捷搜索: 纽约时报  抗疫  疫情  经济学人  武汉  香港 

沃尔玛和亚马逊在应对冠状病毒方面做得比塔吉特好吗?

  Target's guidance withdrawal has scared off Amazon and Walmart investors.Should it?

  塔吉特撤回了业绩指引,吓跑了亚马逊和沃尔玛的投资者。这应该吗?

  Target(NYSE:TGT)detailed the consumer response to the spread of coronavirus when it announced the withdrawal of its first quarter guidance.Sales are soaring.For the month of March,comparable store sales have climbed 20%,well above the 3.8%the company saw in February.

  当塔吉特宣布撤回其第一季度的指导时,它详细说明了消费者对冠状病毒传播的反应。销量飙升。3月份,同店销售额增长了20%,远远高于该公司2月份的3.8%。

  The challenge for Target,and likely other retail giants like Walmart(NYSE:WMT)and Amazon(NASDAQ:AMZN),is that growth is coming from low-margin grocery sales.Target says sales in the Essentials and Food&Beverage categories surged 50%compared to last March,but Apparel&Accessories sales are down 20%.As a result,management sees potential for"lower-than-expected gross margin dollar performance"going forward.

  塔吉特以及沃尔玛(NYSE:WMT)和亚马逊(NASDAQ:AMZN)等其他零售巨头面临的挑战是,业绩增长来自低利润率的杂货销售。塔吉特说,必需品和食品饮料类的销售额较去年3月增长了50%,但服装和配饰的销售额下降了20%。因此,管理层认为未来“毛利率低于预期的美元表现”是有可能的。

  Meanwhile,Target is taking steps to mitigate the spread and effect of coronavirus,including increased pay and benefits for its workers.Management estimates it'll cost an extra$300 million in the first quarter,which started in February.Combined with lower gross margin performance,the increased operating expenses could drag down profits despite the surging sales.Walmart and Amazon could see similar challenges.

  与此同时,塔吉特公司正在采取措施缓解冠状病毒的传播和影响,包括提高工人的工资和福利。管理层估计,从2月份开始的第一季度将额外支出3亿美元。再加上毛利率表现不佳,尽管销量飙升,但运营费用的增加可能会拖累利润。沃尔玛和亚马逊可能面临类似的挑战。

  沃尔玛和亚马逊在应对冠状病毒方面做得比塔吉特好吗?

  A familiar sight these days.Image source:Getty Images.


  Gross margin pressure

  毛利润率的压力

  Gross margin pressure is something both Amazon and Walmart will experience in the wake of coronavirus as well.

  在冠状病毒爆发后,亚马逊和沃尔玛也将面临毛利率压力。

  Earlier this month,Amazon instituted a new policy to stock its warehouses with essential items only--household staples,groceries,and medical supplies.Wait times for non-essential items have been pushed out as much as 30 days for some Prime members.Meanwhile,Walmart's shelves in the grocery section are constantly in need of restocking,while the more discretionary item sides of its Supercenters are practically empty of shoppers.

  本月早些时候,亚马逊制定了一项新政策,只在仓库里存放必需品——家庭必需品、杂货和医疗用品。对于一些主要会员来说,非必要物品的等待时间被推迟了30天。与此同时,沃尔玛超市食品区货架上的商品经常需要补充库存,而超市中较随意的商品区却几乎空无一人。

  Both companies should see sales mixes shift similarly to Target's.That said,there are mitigating factors for Walmart.First of all,the company already derives a huge percentage of sales from grocery--over half,to be sure,and pushing closer to 60%.As a result,the gross margin effect on Walmart might not be as strong as it is on Target,where grocery sales typically make up a much smaller percentage of sales.

  两家公司的销售组合应该会与塔吉特相似。尽管如此,沃尔玛还是有一些减轻压力的因素。首先,该公司已经从食品杂货中获得了巨大的销售份额——肯定超过一半,接近60%。因此,对沃尔玛的毛利率影响可能不会像预期的那么大。在沃尔玛,杂货销售在销售额中所占的比例通常要小得多。

  利润率对其零售业务的影响

  For Amazon,the margin effect on its retail business is likely significant.It's no longer accepting inventory from many third-party sellers,instead filling its warehouses with lower-margin staples that it buys from vendors.The margin on Amazon's third-party seller services is considerably higher than its direct retail business.

  对亚马逊来说,利润率对其零售业务的影响可能是巨大的。它不再接受许多第三方卖家的库存,而是用从卖家那里购买的利润率较低的大宗商品填满仓库。亚马逊第三方卖家服务的利润率远远高于其直接零售业务。

  Mitigating the overall effect on Amazon's business,however,is the company's cloud computing division,Amazon Web Services,which has likely seen strong demand and produces around two-thirds of the company's total operating income. 纽约时报中英文网 http://www.qqenglish.com

  不过,亚马逊的云计算部门亚马逊网络服务(Amazon Web Services)对其业务的整体影响有所缓解。该部门的需求可能十分强劲,其运营收入约占公司总运营收入的三分之二。

  As such,both of Target's bigger rivals should see a smaller effect of the shifting consumer trends on their gross dollar growth.

  因此,塔吉特这两家规模较大的竞争对手应该会发现,消费趋势的转变对其美元总增长的影响较小。

  Growing expenses can't be avoided,but scale helps

  不断增长的支出是不可避免的,但规模会有所帮助

  Both Walmart and Amazon are on hiring sprees to try to keep up with shopper demand.Amazon's looking for 100,000 additional warehouse and delivery workers,and Walmart needs 150,000 workers for its stores and distribution and fulfillment centers.Target has notably only increased hiring for Shipt,its same-day delivery service,and by fewer than 10,000 at that.

  沃尔玛和亚马逊都在疯狂招聘,试图跟上购物者的需求。亚马逊正在招聘10万名额外的仓库和送货员,而沃尔玛需要15万名员工来管理其门店、配送和配送中心。塔吉特只明显增加了其当日快递服务公司Shipt的招聘人数,增幅不到1万人。

  Meanwhile,Amazon and Walmart are increasing pay to their workers by$2 per hour.Walmart is also giving one-time bonuses to both full-time and part-time employees for$300 and$150,respectively.Walmart and Amazon say the increased pay will amount to$550 million and$350 million,respectively,over approximately two and a half months.

  与此同时,亚马逊(Amazon)和沃尔玛(Walmart)正将员工的时薪提高2美元。沃尔玛还为全职和兼职员工分别发放了300美元和150美元的一次性奖金。沃尔玛和亚马逊表示,在大约两个半月的时间里,加薪将分别达到5.5亿美元和3.5亿美元。

  While those increases are more than Target's on an absolute basis,as a percentage of quarterly operating income,it's not nearly as big of a hit for Walmart or Target.Target's operating income in the first quarter last year was just$1.1 billion.$300 million represents over 25%.

  虽然按照这些增长在季度营业收入中所占的比例,两家公司在绝对基础上超过了塔吉特,,但对沃尔玛或塔吉特来说,这并不是很大的打击。塔吉特去年第一季度的营业收入只有11亿美元。3亿美元代表超过了25%。

  Walmart's operating income was$4.9 billion.Amazon's retail business generated$2.2 billion,and AWS kicked in another$2.2 billion.

  沃尔玛的营业收入为49亿美元。亚马逊的零售业务创造了22亿美元,AWS也贡献了22亿美元。

  As a result,Walmart and Amazon should absorb the increase in pay and other operating expenses much better than Target due to their scale.Combined with a smaller effect on gross margin,both Amazon and Walmart should be able to navigate the challenges presented by coronavirus to the retail industry much better than Target.

  因此,沃尔玛和亚马逊应该比塔吉特更好地消化工资和其他运营费用的增长,因为它们的规模太大了。再加上对毛利率的影响较小,亚马逊和沃尔玛应对冠状病毒给零售业带来的挑战的能力应该比塔吉特强得多。
网站部分信息来源于自互联网和网友上传,只为方便大家查询浏览,请自行核对信息的真实情况,本站将不承担任何责任!

您可以还会对下面的文章感兴趣:

  • 36小时环游新加坡
  • 辞掉工作、花了57天,他们找回了走失的狗
  • 中国颁布新规,限制未成年人玩游戏
  • 改善健康也许很简单:每天少吃300卡
  • 从《老友记》到《早间新闻》,詹妮弗·安妮斯顿的新旅程
  • 最新评论

    留言与评论(共有 条评论)
       
    验证码: