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大型超市走勢強Costco跑贏Amazon

當大家想起零售業務,以為網上零售是未來大趨勢,即時想起Amazon(AMZN),事實上如果經營有道,傳統的零售業亦都可以做出成績,例如呢一隻零售股Costco (COST),近年表現比AMZN還要生猛。

攝影師:Maria Lindsey Content Creator,連結:Pexels

Amazon近十年來是一隻標青的網上零售股(當然業務不限網上銷售)。由於增長快,估值升到上天花板,PE高達48多倍。不過,Costco也不咁示弱,近年股價越升越有,PE都差唔多,以實體零售商來說,其實真的不便宜,Walmart(WMT)及家樂福(CRRFY)亦只有32倍及15倍PE。

圖:美國超大零售商基本資料 (截至13/4/2022)

高通脹有利大超市

美國通脹升到近40年的新高,高通脹一般來說是不利零售業務,因為貨物、租金和人工成本的不斷增加,這都會影響收入。不過對大大間的零售商來說,可以說是正面的影響,因為通脹上升,大家都要節衣縮食,對產品的價格會更加敏感,有利於走大眾化路線的零售店或超市。

今年以來,Amazon跑輸大市,實體零售商股價做得唔錯,Costco、Walmart及家樂福近一年更有超過一成的回報。

Costco做啲乜?

Costco是美國第一大連鎖會員制、倉儲式零售商,它的經營跟一般零售超市店唔同,採用貨倉式大大間的實體店格局,公司行會員制,以抵食夾大件 “聞名”。換言之,要係會員先可以入去買野,要買就要買比較大批量,而價錢就比一般超市平,公司的經營策略是人工一般比競爭對手高,但會盡量把成本減最低。

Costco的經營方式有多個好處, 包括有助於減少店舖盜竊。 因為入去的都是會員,公司有基本的資料,同時貨品大大件,並不容易被人偷竊。店舖盜竊其實都是實體零售店面對的頭痛問題,每年帶來不少的損失。

呢個獨特行銷方法令Costco贏到不少的忠實顧客。會員人數持續增長,在最近一財年增長了7%,達到6,170萬會員。公司主要市場在美國,全球擁有超過800個銷售的倉庫。

Costco跟Amazon的經營可說是南轅北轍。前者就是網店,後者是獨特的實體店,仲係大大間,不過Costco近年的增長,比Amazon毫不遜色。

Costco股價在過去5年跑贏咗Amazon,年初至今升4%,而Amzon隨科技股繼續回吐,跌了6.7%。近一年來Costco股價升了超過六成,跑贏一眾大型的超市。

圖:美國超大零售商股價表現 (截至13/4/2022)

值得一提,多家的大型零售商的股價都升到接近一年新高,投資前要留意美國的經濟情況,股價或有點波動。

(18/4/2022)

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