美国零售：2026年二季度库存监测：我们是否过于悲观？清仓库存化解利润率风险

U.S. Retail inventories remain broadly controlled, providing protection to margins. Despite a more cautious consumer backdrop, inventory levels across retail remain healthy and promotional activity remains largely disciplined, supporting gross margin durability entering 2H26 and limiting downside earnings risk as companies enter the Fall/Holiday season. Promotions are generally being used to spur traffic and conversion rather than to liquidate large excess inventories. We believe the sector selloff affords investors the opportunity to pick up bargains on long-term winners in the retail sector. Demand is moderating, but fundamentals remain resilient. Higher gasoline prices and the fading benefit of tax refunds are contributing to more selective consumer behavior, yet spending trends remain healthy relative to depressed investor expectations. We continue to view the current environment as one of normalization rather than demand destruction. Our U.S. All Retail Tracker remains a B+ score: