原文发表于美国时间2023-5-18
发生了什么事情？
塔吉特百货在周三公布季度业绩财报，显示该连锁商的商店里挤满了购物者，但财报中仍有一些预警信号。
这意味着什么？
连锁零售商的日子在上个季度可能并不好受（看看家得宝），不过折扣零售商塔吉特看起来在不利局面中保持住了领先的地位。
当然，塔吉特财报中微不足道的营收增长并没有让投资者疯狂，但是在严峻的经济背景下也有其正面的意义。毕竟，当装点门面的非必需商品过气后，塔吉特的顾客涌入商店购买日用杂货和家居用品，这令其店面客流量同比去年实际上还有所增加。
另外，由于运输成本下降和需要打折的挤压商品库存下滑，塔吉特公布的毛利率也有所增长。这些因素综合起来令塔吉特的季度营收和利润均超过市场预期，也令这家连锁商获得了投资者的尊重。
为何值得关注？
聚焦：消费者支出下降
塔吉特的销售额走势显示出消费者支出在当前经济环境下的真实状况：该零售商在2月的销售表现尚可，3月即开始出现下滑，4月销售再次剧烈下挫。
虽然塔吉特在适应消费者习惯的变化方面并不陌生，该连锁商已经加大了廉价必需品的销售，但这种销售数字上的下降可能会带来更多麻烦。
塔吉特百货正在控制销售的预期，警告在下季度可能是销售放缓的一个季度，并且维持相对保守的全年盈利指引。
更大的图景：精打细算的消费者
塔吉特百货给出的预期指引可能会让担心消费者支出放缓的投资者更为紧张，消费者支出在美国经济中占据了极高的比重，也是自年初以来阻止了美国陷入经济衰退状况中的唯一因素。
投资者这些担心或许可以解释为何塔吉特百货与沃尔玛的股价近期一直步履蹒跚，这两家公司的股价今年以来一直逊色于标普500指数的表现。
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这篇文章已被翻译成中文。原英文作者Finimize。如英文版本和中文版本之间有任何不一致，以英文版本为准。该文章中的分析仅为提供信息，不是也不应该被视为推销或招揽购买任何证券。文章中讨论的一般市场活动、行业或领域趋势、或其它基于广泛的经济或政治条件的内容，不应被解释为研究结果或投资建议。讨论中提及包括的特定证券、商品、货币、或其它产品均不构成IB推荐购买，出售或持有此类投资的建议。本材料不是也不意图针对个别客户的特定财务条件、投资目标或要求。在根据本材料采取行动之前，您应该考虑是否适合您的具体情况，并在必要时寻求专业建议。
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