EUR/USD 1.16141
-0.097%
Gold 4434.77
-0.854%
Oil 89.430
-0.234%
USD/JPY 156.234
0.280%
GBP/USD 1.35183
-0.046%
GBP/JPY 211.206
0.242%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Israeli Prime Minister Benjamin Netanyahu: If we hadnt taken action against Iran, they would now possess nuclear weapons capable of destroying us. Now they will try again. They are coming back.On September 6, the Qatari Ministry of Foreign Affairs stated that Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Salman spoke by phone with the Lebanese Prime Minister today. Amid escalating regional tensions, Doha called on all parties to remain calm. In a statement, the Qatari Ministry of Foreign Affairs said the two leaders reviewed bilateral relations and discussed the latest regional developments, focusing on diplomatic efforts and joint coordination aimed at easing tensions and strengthening regional security and stability. Sheikh Mohammed reiterated Qatars support for diplomatic initiatives aimed at guaranteeing freedom of navigation and paving the way for a comprehensive agreement to achieve lasting regional peace. The Qatari Ministry of Foreign Affairs also stated that Sheikh Mohammed reaffirmed Qatars firm support for Lebanons stability and territorial integrity and expressed continued solidarity with the Lebanese people.On September 6th, Greek Prime Minister Kyriakos Mitsotakis announced a €2.2 billion (approximately US$2.56 billion) economic package aimed at alleviating the cost of living crisis in Greece. The measures focus on supporting self-employed individuals, pensioners, farmers, and families with many children, including raising the minimum wage from the current €920 to €1,000 by January 2028. Greek authorities expect to exceed budget targets again in 2026, thus allowing the government to provide subsidies and tax cuts to various groups. The Prime Minister assured that these new measures will not jeopardize Greeces fiscal situation and will comply with EU regulations on budget spending.On September 6th, local time, Russian President Vladimir Putin met with US President Donald Trumps special envoy, Sergei Witkov, and his son-in-law, Jared Kushner, at the Kremlin on the evening of the 5th. He briefed them on the details of the three-day ceasefire agreement reached between Russia and Ukraine, and stated that Russia would strive to ensure the progress of US-Ukraine negotiations and the safety of mediators. Witkov thanked Russia for agreeing to the three-day ceasefire. Putin stated that Russia had received a request through its intelligence and diplomatic departments to cease airstrikes on the Ukrainian capital, Kyiv. "I have issued the corresponding order, and from midnight tonight, (Russian) airstrikes on Kyiv have ceased," Putin said. Putin also noted that Ukraine had significantly reduced its attacks on Russian territory (including Moscow), "by an order of magnitude." Putin also mentioned that Ukraine had proposed a broader three-day ceasefire, which Russia had not agreed to. However, Russia will make every effort to ensure the progress of US-Ukraine negotiations and the safety of mediators.Belgorod Oblast authorities: A Ukrainian drone strike in Russias Belgorod Oblast has killed one person.

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