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Retailers Target Corp (NYSE:TGT) and Dollar Tree Inc (NASDAQ:DLTR) also said in November that stubbornly high inflation and changes in consumer spending were driving down demand for discretionary goods such as toys and electronics.
Costco (NASDAQ:COST)’s total revenue for the first quarter was $54.44 billion, compared with estimates of $54.64 billion, according to Refinitiv IBES data.
The warehouse club operator’s merchandise costs rose about 9% to $47.77 billion as it grapples with higher freight and labor costs.
On an adjusted basis, the company earned $3.10 per share, missing estimates of $3.11.
The company’s quarterly revenue from memberships, priced between $60 and $120 per year and which accounts for most of Costco’s gross margin, rose to $1 billion from $946 million.
The big-box retailer’s shares fell marginally to $480.35 in extended trading.
