EUR/USD 1.16024
-0.040%
Gold 4228.74
0.191%
Oil 59.080
-0.671%
USD/JPY 155.739
-0.152%
GBP/USD 1.32407
-0.100%
GBP/JPY 206.215
0.031%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japans final manufacturing PMI for November was 48.7, down from 48.8 in the previous month.The yield on Japans two-year government bonds rose to 1%, the highest level since June 2008. The 20-year yield rose 3 basis points to 2.855%, a new high since November 2020.Japans corporate capital expenditure grew at an annualized rate of 2.9% in the third quarter, compared with 7.60% in the previous quarter.On December 1st, the Russian Ministry of Defense reported on November 30th that Russian forces conducted operations in multiple directions, including Sumy and Kharkiv, over the past day. Russian forces struck targets in 143 areas of Ukraine, including Ukrainian military-industrial complexes, fuel depots, and temporary deployment points for Ukrainian troops and foreign mercenaries. Russian air defense systems shot down 230 fixed-wing drones. In the Donetsk regions Krasnodar city (known as Pokrovsk in Ukraine), Russian forces continued their advance into the eastern and northwestern areas of the city, repelling 10 Ukrainian relief attacks. On the same day, the General Staff of the Ukrainian Armed Forces reported 271 battles along the front lines over the past day, with Ukrainian forces repelling Russian offensives in multiple directions. The Ukrainian Air Force, missile units, and artillery attacked four Russian personnel concentration areas and two artillery systems. Ukrainian President Zelenskyy posted on social media that day that Russian forces had launched attacks on Ukraine this week using nearly 1,400 drones, 1,100 guided-missile bombs, and 66 missiles.Research by the Stockholm International Peace Research Institute shows that the worlds top 100 defense companies will generate a record $679 billion in revenue in 2024.

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