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Venezuelas Defense Minister: The national armed forces have been fully activated to safeguard national sovereignty.Venezuelan Defense Minister: Most of Maduros security team members were killed in the US operation.On January 4th, the Russian Ministry of Defense issued a war report stating that Russian forces had taken control of the Podolsky settlement in Kharkiv Oblast. Over the past day, Russian forces launched attacks on Ukrainian troops in multiple locations including Sumy, Kharkiv, Donetsk, Zaporizhzhia, and Kherson, destroying Ukrainian armored vehicles, counter-battery radar stations, electronic warfare systems, ammunition depots, and shooting down Ukrainian-made guided-missile bombs and drones. On the same day, the General Staff of the Armed Forces of Ukraine issued a battle report stating that 211 battles had taken place in the front-line areas over the past day. Ukrainian forces launched attacks on multiple Russian personnel and equipment concentrations, and initiated or repelled Russian offensives in the directions of Kupyansk and Pokrovsk. Ukrainian forces also destroyed Russian tanks, artillery, air defense systems, and drones.On January 4th, Alexei Pushkov, a member of the Federation Council of Russia, argued that bringing Caracas under US control would mean seizing a huge "trophy" in geostrategic competition. Whether Washington can achieve this without sending troops to Venezuela and occupying the country is a major question. Pushkov stated, "Removing Venezuela from the sphere of anti-American influence and bringing it under direct US control, rather than merely its sphere of influence, means for Washington to seize a huge trophy in global geoeconomic and geostrategic competition… From this perspective, arresting Maduro is only the first step in achieving this goal. The goal itself has not yet been achieved. Whether Trump can achieve this goal without sending troops to Venezuela and occupying the country is a major question."The mayor of Moscow, Russia, said that 25 drones flying towards Moscow have been shot down.

Costco Margins Are Impacted by Growing Freight And Labor Expenses, And The Stock Price Falls

Charlie Brooks

May 27, 2022 09:50

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Costco Wholesale Corp (NASDAQ:COST) announced a decline in gross margins on Thursday, impacted by rising freight and labor expenses across the United States. The news sent shares of the membership-only retailer down 2% and overshadowed an otherwise positive quarterly report.


Fresh COVID-19 lockdowns in China and the Russia-Ukraine conflict have compounded the problem for U.S. businesses.


Costco announced that it would increase prices in certain food categories in order to battle inflation.


Retailers such as Walmart (NYSE:WMT) Inc and Target Corp (NYSE:TGT) have warned that decades-high inflation will have a negative impact on their earnings, as shoppers hesitate from purchasing non-essential and high-margin goods.


The average Costco buyer earns more than the average Walmart and Target shopper, allowing Costco to generate quarterly earnings and revenue that easily exceeds expectations.


Memberships and sales have been boosted by the company's efforts to keep gas prices several cents below the national average.


Costco, in contrast to Walmart, reported that there has not been a significant shift from branded products to its private label product, Kirkland Signature.


"We aren't really observing a decline in commerce. This year, more money is being spent on tickets, dining out, travel, tires, and gasoline "In a post-earnings conference call, Robert Nelson, senior vice president of finance and investor relations, said.


Costco's gross margins decreased by 99 basis points in the third quarter.


According to data from Refinitiv IBES, Costco's total sales for the quarter ending May 8 increased by 16 percent to $52.60 billion, surpassing analysts' projections of $51.71 billion.


Excluding adjustments, Costco's earnings per share were $3.17, exceeding analysts' expectations of $3.03.