Here's why gas is so cheap at Costco and Walmart
Gas prices are skyrocketing, and Americans want to save at the pump. That plays right into the hands of Costco, BJ's Wholesale Club and Sam's Club.
The national gas price average jumped to $3.41 a gallon Friday, according to AAA, 61% higher than the average at the same time last year. The Biden administration has called for an investigation into whether oil and gas companies acted illegally to push up prices.
The spike has pushed more shoppers to rely on these chains to fill up their tanks, say the companies, retail analysts, and fuel experts. Gas prices at warehouse clubs can be as much as 30 cents lower than traditional gas stations, and the chains offer members coupons to use in their stores when they fill up. Gasoline sales at the warehouse clubs are an important part of their business and draw customers inside.
"People are seeking out the clubs because of the gas," said Michael Baker, a retail analyst at D.A. Davidson. "It's US consumers' nature to go out of their way for lower gas prices."
Costco, for example, is typically 20 cents a gallon below the market average, according to Tom Kloza, the global head of energy analysis at IHS Markit's Oil Price Information Service. BJ's says it's 10 cents below average.
These companies are "winners when gasoline prices go skyward," said Kloza.
Costco (COST), Sam's Club and BJ's (BJ) want you to fill up your tank in their parking lots and then go stock up on giant jugs of ketchup, boxes of snacks and clothing. (And why not buy a flat-screen TV or a new couch while you're at it?) Their gas stations give these warehouse stores an advantage that many retail competitors can't match.
Gas makes up around 10%, $20 billion annually, of Costco's overall sales and 9% of BJ's. Walmart (WMT), which owns Sam's Club, does not disclose what portion of its sales come from gas.
Gas is a notoriously low-margin business, but retailers can make money from selling huge volumes of gas -- even while charging much less than independent gas stations, said Kloza, adding that it's not unusual for sales at a Costco location to reach up to 1 million gallons a month compared to an average of 80,000 gallons a month at typical gas stations.
Despite their big-brand names, the vast majority of Exxon, Chevron, BP and Shell gas statons are independently owned, so they aren't able to make a volume play like wholesalers do. Although wholesalers are able to make a profit on gas, they're not making much: Costco, for example, reported that gasoline has a lower profit margin than the rest of its business. Rising gas prices typically help Costco's sales, but hurt its profits.
"When there are inflationary pressures and prices are going up, people look to save on gas," said Richard Galanti, Costco's chief financial officer. For every 100 people who come to Costco to fill up on gas, more than half go shop inside afterwards, he said.
Gas sales at BJ's Wholesale Club jumped 20% during its most recent quarter ending October 30 compared with the same time a year ago.
BJ's is growing market share in gasoline "in leaps and bounds," CEO Robert Eddy said on a call with analysts Thursday. When gas prices hit over $3 a gallon, "members love us" and shift their gas spending to the club.
Gas discounts are a tool Walmart uses to encourage customers to sign up for Walmart+ memberships, which also offer free shipping and discounts on prescriptions.
Walmart said on Tuesday that it's actively trying to keep gas prices down to attract customers worried about how much they're paying at the pump, especially as federal stimulus benefits wane.
"Gas prices are a concern....They're up dramatically versus a year ago," Walmart CEO Doug McMillon said on an earnings call. "The customers had money [then]. And at some point, that's going to come to an end."
这就是为什么好市多和沃尔玛的汽油如此便宜的原因
汽油价格飞涨，美国人想省油。这对 Costco、BJ's Wholesale Club 和 Sam's Club 有利。
根据 AAA 的数据，周五全国平均汽油价格跃升至每加仑 3.41 美元，比去年同期的平均价格高出 61%。拜登政府呼吁对石油和天然气公司是否采取非法推高价格进行调查。
公司、零售分析师和燃料专家表示，飙升已促使更多购物者依靠这些连锁店来加满油箱。仓储俱乐部的汽油价格比传统加油站低 30 美分，而且连锁店提供会员优惠券，供会员在加油时在店内使用。仓储俱乐部的汽油销售是他们业务的重要组成部分，可以吸引顾客。
D.A. 的零售分析师迈克尔贝克说：“因为汽油，人们正在寻找俱乐部。”戴维森。 “美国消费者的本性是为了降低汽油价格而竭尽全力。”
例如，据 IHS Markit 石油价格信息服务全球能源分析主管汤姆·克洛扎 (Tom Kloza) 称，Costco 的价格通常比市场平均水平低 20 美分/加仑。 BJ's 说它比平均水平低 10 美分。
Kloza 说，这些公司是“当汽油价格飙升时的赢家”。
Costco (COST)、Sam's Club 和 BJ's (BJ) 希望您在他们的停车场加满油箱，然后购买大罐番茄酱、零食盒和衣服。 （为什么不趁着买一台纯平电视或一张新沙发呢？）他们的加油站为这些仓储式商店提供了许多零售竞争对手无法比拟的优势。
天然气占 Costco 总销售额的 10% 左右，即每年 200 亿美元，占 BJ 总销售额的 9%。拥有山姆会员店的沃尔玛 (WMT) 没有透露其销售额的哪一部分来自天然气。
Kloza 表示，天然气是一项众所周知的低利润业务，但零售商可以通过销售大量天然气来赚钱——即使收费远低于独立加油站，Kloza 补充说，Costco 的销售额达到每月 100 万加仑，而典型的加油站平均每月消耗 80,000 加仑。
尽管有大品牌，但埃克森美孚、雪佛龙、BP 和壳牌天然气站的绝大多数都是独立拥有的，因此它们无法像批发商那样大批量生产。尽管批发商能够从天然气中获利，但他们赚的不多：例如，Costco 报告说，汽油的利润率低于其其他业务。汽油价格上涨通常有助于 Costco 的销售，但会损害其利润。
Costco 的首席财务官理查德加兰蒂说：“当存在通胀压力和价格上涨时，人们希望节省汽油。”他说，每有 100 人来 Costco 加油，就有一半以上的人会去店内购物。
在截至 10 月 30 日的最近一个季度中，BJ's Wholesale Club 的天然气销售额与去年同期相比增长了 20%。
BJ's 的汽油市场份额“突飞猛进”，首席执行官罗伯特·埃迪 (Robert Eddy) 周四在与分析师的电话会议上表示。当汽油价格超过每加仑 3 美元时，“会员爱我们”并将他们的汽油支出转移到俱乐部。
汽油折扣是沃尔玛用来鼓励客户注册 Walmart+ 会员资格的一种工具，该会员资格还提供免费送货和处方折扣。
沃尔玛周二表示，它正在积极努力降低汽油价格，以吸引担心他们在加油站支付多少费用的客户，尤其是在联邦刺激措施的收益减弱的情况下。
“汽油价格令人担忧......与一年前相比，它们大幅上涨，”沃尔玛首席执行官道格麦克米伦在财报电话会议上表示。 “客户[当时]有钱。而且在某个时候，这将结束。”
