Costco Wholesale Corp missed estimates for quarterly earnings on Thursday as shoppers pulled back on non-essential spending due to stubborn inflation and economic uncertainties.
Costco reported a quarterly profit of $2.93 per share, missing analysts' expectations of $3.29, according to Refinitiv data.
The warehouse club operator's total revenue for the third quarter was $53.65 billion, compared with the estimates of $54.57 billion. "Costco's solid value proposition and loyal customer base were not enough to capitalize on economic fears, even with their well-priced mix of name brands and in-house Kirkland labeled products," said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.
Costco's quarterly revenue from memberships - priced between $60 and $120 per year and which account for most of Costco's gross margin - however, rose to $1.04 billion from $984 million, a year ago.Thomson Reuters Granth reports on the North American Consumer and Retail sector, covering a broad range of companies from consumer packaged goods and restaurants to department stores and apparel retailers. Granth's work on the website usually appears on the Retail & Consumer page of Reuters Business section. He holds a post-graduate degree in international relations and area studies and has previously worked as a research analyst.
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