Costco Wholesale’s quarterly sales fell short of market expectations Thursday as consumers felt the brunt of inflation and cut back on spending at the retailer.
Shares of the opt-in retailer were down 5% in extended trading.
With interest rates still high and rampant inflation weighing on household budgets, customers have kept their spending in check, particularly on large, non-essential purchases such as home furnishings, sporting goods and gardening supplies.
Costco reported total revenue of $58.44 billion in the second quarter, compared to $59.16 billion estimated by analysts, according to LSEG data. (Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shweta Agarwal and Shounak Dasgupta)
2024-03-07 21:48:28
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