-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：SFM公佈2026年第一季淨銷售額為23.29億美元（年成長4%），主要得益於新店開業，儘管同店銷售額下降1.7%，但仍優於市場普遍預期的-2.1%。每股收益為1.71美元，年減6%，但高於市場普遍預期的1.68美元，儘管價格投資和會員計畫支出給利潤率帶來了壓力。該公司第一季新開了六家門市，並維持2026年開設40多家新店的計劃，展現了對門市成長策略的信心。管理層維持了2026年淨銷售額成長4.5%-6.5%、同店銷售額成長-1%-1%以及每股收益5.32美元-5.48美元的預期。毛利率下降20個基點至39.4%，息稅前利潤率下降90個基點至9.2%，反映出零售環境充滿挑戰。公司資產負債表依然穩健，擁有2.52億美元現金，6億美元信貸額度內無債務，2.35億美元的營運現金流支持1.4億美元的股票回購。我們預計，隨著促銷和會員忠誠度計劃逐步奏效，業績將在2026年之前持續改善，而財務靈活性也為公司渡過這段艱難時期提供了緩衝。
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