EUR/USD 1.18153
0.158%
Gold 5263.32
1.523%
Oil 67.175
2.731%
USD/JPY 156.171
0.028%
GBP/USD 1.34769
-0.043%
GBP/JPY 210.475
-0.006%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
European Council: Urges Afghanistan to engage in dialogue with Pakistan.European Council: The EU reiterates that Afghan territory must not be used to threaten or attack other countries.The European Council called on all parties to immediately de-escalate the situation and cease hostilities following a sharp increase in violence in Afghanistan and Pakistan.Gaza Situation: 1. Market news: Gazas civil defense department reports at least 5 deaths from Israeli airstrikes. 2. The Israeli military claims to have killed several militants in southern Gaza. Iran Situation: 1. The Iranian military says it will respond "devastatingly" to US aggression. 2. Omans Foreign Minister: Iran has agreed not to possess "nuclear materials capable of making nuclear bombs." 3. Trump: Dissatisfied with negotiations with Iran. 4. The US aircraft carrier USS Ford arrives in Israel. 5. Chairman of the Iranian Parliaments Security and Foreign Policy Committee: Negotiations are limited to uranium enrichment; Iran will not relinquish its due rights. 6. Market news: All US Air Force refueling aircraft have withdrawn from Al Udeid Air Base in Qatar. 7. According to CNN: There is no intelligence indicating that Iran is planning to develop an intercontinental ballistic missile capable of striking the United States. 8. Istanbul Airport data shows that three flights from Istanbul to Tehran, Iran, were canceled on Friday. 9. According to the Wall Street Journal: Local diplomats revealed that foreign embassies in Israel have developed contingency plans to deal with Iranian attacks. 10. Trump revealed that the US and Iran will continue negotiations and warned that "sometimes we have to fight." Trump reiterated that Iran cannot possess nuclear weapons. 11. Omans Foreign Minister met with the US Vice President, stating that US-Iran negotiations had made "unprecedented progress." 12. Multiple countries issued evacuation warnings from the Middle East: ① The US State Department ordered non-essential diplomats to evacuate Israel and Iraq. ② The US Ambassador to Israel warned the mission to leave Israel today. ③ The Chinese Foreign Ministry reminded Chinese citizens not to travel to Iran. ④ The Kazakh Foreign Ministry urged its citizens to leave Iran and temporarily avoid traveling to the country. ⑤ Italy urged its citizens to leave Iran and remain vigilant throughout the Middle East. ⑥ The British Foreign Office advised against travel to Israel and the Palestinian territories except for essential travel. ⑦ Greece advised its citizens to avoid travel to Iran and the Israeli-Palestinian region. ⑧ The French Foreign Ministry advised French citizens not to travel to Israel, Jerusalem, and the West Bank. Other: 1. The Afghan government claimed that Pakistani airstrikes hit Kabul and other areas. 2. Pakistani state television claimed that several Taliban strongholds were destroyed in the attacks. 3. The US State Department ordered non-essential diplomats to evacuate Israel. 4. Saudi Arabias Al Arabiya television, citing security sources, reported on the 27th that a large number of American citizens left Iraq via Baghdad International Airport in the past 24 hours. 5. Maersk diverted some of its ships to routes south of Africa. 6. The U.S. State Department announced that Secretary of State Marco Rubio will visit Israel from March 2nd to 3rd to discuss issues related to Iran, Lebanon, and Gaza.According to the Islamic Republic News Agency (IRNA), Iranian Foreign Minister Araqchi and Saudi Foreign Minister held multiple phone calls to discuss the latest situation.

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

Charlie Brooks

May 27, 2022 09:50

C2.png


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.

Suggestion