智通财经APP获悉，根据高盛对美国零售企业Q2财报及管理层会议的分析，行业整体展现出业绩韧性，但下半年展望趋于谨慎。
高盛注意到，目前已公布业绩的多数公司在同店销售、毛利率和营业利润率上均超出预期；但在指引方面，更多企业选择维持或下调全年展望，而非上调，突显高盛认为下半年存在不确定性的观点，原因包括关税影响以及产品价格可能在下半年开始走高。
多数零售商在Q2实现超预期表现：57%企业同店销售额超出高盛预期，50%企业毛利率及营业利润率超预期。家得宝(HD.US)、劳氏(LOW.US)、塔吉特(TGT.US)、沃尔玛(WMT.US)等巨头均实现稳健增长。
然而，企业的业绩指引趋于保守： 仅36%企业上调全年EPS指引中点，多数维持或下调预期。这反映了管理层对下半年通胀传导、关税成本上升及消费者不确定性的担忧。高盛指出，企业普遍认为关税影响将在Q4全面显现。
高盛维持对 BJ批发俱乐部(BJ.US)、家得宝、劳氏和沃尔玛的“买入”评级，看好其策略与市场地位；对塔吉特持“中性”。
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