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Saudi government data: Saudi Arabias imports fell 0.2% in November.Saudi government data: Saudi non-oil exports grew by 20.7% in November.Saudi government data: Saudi Arabias exports grew by 10.0% in November, with oil exports increasing by 5.4%.On January 25th, according to 9to5mac, an online tech media and blog focusing on Apple news, Apple (AAPL.O) agreed to settle a class-action lawsuit early last year alleging that Siri "illegally and intentionally recorded conversations." The issue dates back to 2019, and Apple initially denied any wrongdoing. While Apple has since worked to improve Siris privacy protections, it still decided to resolve the matter through a settlement. Claims for compensation opened in the middle of last year, and users have begun receiving payments. To be eligible for compensation, users had to have purchased a Siri-enabled Apple device between September 17, 2014, and December 31, 2024, and experienced an "accidental Siri activation." Each user could file claims for up to five devices. Although the $95 million settlement was initially expected to pay a maximum of $20 per device (with a single-person cap of $100), the final actual payout was approximately $8.02 per device (with a single-person cap of $40.10).On January 25th, Apple launched promotional activities through some of its direct sales channels. Among them, the iPhone Air, which has only been on the market for three months, has an official price reduction of 2000 yuan, with a maximum discount of 2500 yuan after the national subsidy. On the 25th, customer service at the Apple Stores official Tmall flagship store responded that only the iPhone 16 series is discounted on the official Apple website, and only this store is offering a discount on the iPhone Air through direct sales channels. The customer service representative also suggested adding the product to the shopping cart first. "Everyones very quick during the promotion." Furthermore, the customer service representative stated that this promotion is limited in quantity. Approximately 13,000 iPhone Air units are participating in the promotion.

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.