Did Sam's Club achieve RMB 80 billion in sales last year? How did it accomplish this in the e-commerce era?

In China’s retail market, traditional supermarket formats have faced significant pressure in recent years amid the rapid growth of e-commerce and the widespread adoption of instant retail. Yet, Sam’s Club has recently been reported by media outlets to have achieved RMB 80 billion in sales last year—prompting widespread curiosity: how exactly did Sam’s Club pull this off? I. Did Sam’s Club achieve RMB 80 billion in sales last year? According to Beijing Business Daily, online sales are playing an increasingly prominent role in retailers’ overall performance. Public reports indicate that Sam’s Club generated approximately RMB 80 billion in sales in 2023, with online sales accounting for 47% of the total. As of now, Sam’s Club operates 48 stores nationwide. Assuming sales were evenly distributed across stores, each store generated roughly RMB 1.67 billion in revenue in 2023. Based on Sam’s previously disclosed membership base of 4 million, average annual spending per member in 2023 amounted to approximately RMB 20,000. Beijing Business Daily contacted Sam’s Club for verification; as of press time, no response had been received. In Walmart China’s Q4 FY2024 report, similarly strong performance from Sam’s Club and its e-commerce business was highlighted. The report states that Walmart China’s gross margin remained relatively stable in Q4, while e-commerce delivery costs further declined. Driven by sales growth, higher Sam’s Club penetration, and efficient operations, overall operating expenses decreased and revenue increased. Walmart China’s overall e-commerce penetration rate stood at 48%. In both its FY2024 Q3 and Q2 earnings releases, Walmart China stated that “Sam’s Club and e-commerce businesses continued to perform strongly.” In Q1, Walmart China’s e-commerce net sales grew by 54%. There is no doubt that online sales are contributing progressively more—and becoming increasingly critical—to Sam’s Club’s financial results. As the share of online sales rises, instant delivery has become a key battleground among retailers. Currently, Sam’s Club offers two delivery options: “Ultra-Fast Delivery” and “Citywide Delivery.” Ultra-Fast Delivery is free for orders over RMB 99 and weighing under 15 kg, with delivery guaranteed within one hour; Citywide Delivery typically arrives the next day or the day after. II. How did Sam’s Club achieve this in the e-commerce era? In today’s booming e-commerce landscape, Sam’s Club has posted an impressive RMB 80 billion in annual sales—thanks to its distinctive business model and precise market positioning. This achievement not only reflects Sam’s Club’s formidable competitiveness but also underscores its forward-looking vision and innovative capabilities in the e-commerce era. So, how exactly did Sam’s Club accomplish this? First, Sam’s Club’s sustained positive performance is no accident—it is the natural outcome of its long-standing commitment to the membership-based retail model. Membership-based retail is a hallmark of Sam’s Club. By charging membership fees, Sam’s Club secures a stable revenue stream while simultaneously attracting and retaining high-value target customers. These members typically possess strong purchasing power and high loyalty—providing a solid foundation for Sam’s Club’s sales growth.

Has SK Hynix’s Q1 performance accelerated again? Citigroup: Memory supply shortage persists longer than expected, potentially doubling quarterly operating profit.

The continuous expansion of AI inference demand is propelling the global memory market into a new structural upcycle—and SK Hynix stands to benefit most directly. Citigroup analysts Peter Lee and Jayden Oh note that AI inference demand has triggered a sharp surge in KV (key-value) cache memory requirements, driving substantial price increases for both DRAM and NAND in Q1. Meanwhile, memory suppliers are shifting from quarterly contracts to long-term agreements spanning three to five years—a move expected to significantly enhance earnings visibility and dampen cyclical volatility, thereby delivering a structural improvement in SK Hynix’s profitability. The report raises SK Hynix’s target price from KRW 1.55 million to KRW 1.70 million, maintaining a “Buy” rating. It forecasts that SK Hynix’s operating profit for Q1 2026 will reach KRW 39.1 trillion—up 104% quarter-on-quarter and 426% year-on-year—substantially exceeding the consensus estimate of KRW 35.1 trillion. At the current share price of KRW 1.033 million, this implies a potential upside of approximately 64.6%. Q1 performance likely to exceed expectations; pricing power markedly strengthened In Q1 2026, SK Hynix’s DRAM average selling price (ASP) is projected to rise 63% quarter-on-quarter, while NAND ASP is forecast to increase 70% quarter-on-quarter—primarily driven by explosive growth in KV cache memory demand arising from AI inference applications. On shipment volume, DRAM shipments are expected to decline ~6% quarter-on-quarter and NAND shipments ~2% quarter-on-quarter. However, the substantial ASP gains are sufficient to offset this seasonal dip, pushing total revenue to approximately KRW 52 trillion—up ~58% quarter-on-quarter. From a profitability perspective, DRAM business operating margin is projected at 80%, NAND at 61%, and consolidated operating margin at ~75%—a notable improvement from 58% in Q4 2025.