Nexus.One

研报英文原文证据摘录

Nexus.One

ead the widest on record — underscoring ongoing de-premiumization; the $50-$99.99 and $100+

tiers declined -8.8% and -9.3%, respectively, and tequila/agave (now 13.3% of core spirits vol) fell -3.0%

vol / -6.6% rev vs. luxury tequila rev growing +4.2% a year ago. Wine closed down -8.3% vol / -5.3%

rev, with the sub-$5 tier (-19.1%) leading declines; bright spots included wine-based cocktails (+11.8%),

Prosecco (+6.1%), Champagne (+2.0%), Sauvignon Blanc (+1.1%), and Sake (+1.3%). On-premise (-3.0%)

continued to outperform off-premise (-7.4%), with gradual on-premise improvement over the past year.

PODs

Packaged Food: BJ's Wholesale (BJ, March Q Earnings on 5/22): BJ met the company's internal

expectations with a solid start to the year, delivering disciplined execution and strong membership

growth. Management is more positive going forward, citing confidence in model durability and

sustainable long-term value delivery. Net sales grew 9.8%. They saw 0.5 points of retail deflation from

tariff refund reinvestment and price investments. Merchandise comps increased 1.5%, with general

merchandise +7.1% led by consumer electronics, fuel +8% comp gallons with share gains, grocery

strength within consumables +0.7%. Weak spots included perishables pressured by egg deflation,

apparel slightly negative, and discretionary categories which remain uneven. Management indicated

consumer sentiment is bifurcated: higher-income members remain resilient and engaged, driving most

comp growth, while lower-income households face elevated cost pressures and increased value-seeking

behavior. Demand shifts include reduced fill-up volumes and more frequent tank top-offs due to

elevated gas prices, though overall traffic remains positive with 17 consecutive quarters of traffic

growth.