EUR/USD 1.15314
0.060%
Gold 4380.50
-0.634%
Oil 80.650
-1.239%
USD/JPY 159.349
-0.041%
GBP/USD 1.34889
-0.039%
GBP/JPY 214.949
-0.073%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Indian trade officials: India and the United States are committed to advancing and finalizing the framework agreement reached in February.On August 13th, Xu Bijiu, Vice Minister of Ecology and Environment, stated that my country is expediting the formulation of a new round of action plans for continuous improvement of air quality, which is also the fourth "Ten Measures for Air Pollution Prevention and Control." He made this announcement at a press conference held by the State Council Information Office on the 13th, themed "Starting the 15th Five-Year Plan." Xu Bijiu explained that since the 18th National Congress of the Communist Party of China, my country has successively issued and implemented three "Ten Measures for Air Pollution Prevention and Control": the 2013 "Action Plan for Air Pollution Prevention and Control," the 2018 "Three-Year Action Plan for Winning the Battle Against Air Pollution," and the 2023 "Action Plan for Continuous Improvement of Air Quality," which have significantly improved my countrys air quality. Data shows that by 2025, the national PM2.5 concentration will drop to 28 micrograms per cubic meter, a 59% decrease compared to 2013, and the proportion of heavily polluted days will drop to 0.9%, the best level since monitoring began.The Ukrainian military reported that it attacked a Russian oil refinery in Bashkortostan, about 1,300 kilometers from the border.Indian trade officials say they are working to reach a bilateral trade agreement with the US as soon as possible.Russian Ministry of Defense: Russian troops have taken control of Petrivka in the Donetsk region.

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