The membership-only retail chain's total revenue for the
second quarter was $55.27 billion, compared with estimates of
$55.54 billion, according to Refinitiv data.
However, net income attributable to Costco rose to $1.47
billion, or $3.30 per share, in the quarter ended Feb. 12, from
$1.30 billion, or $2.92 per share, a year earlier.
The company's shares fell 1.3% to $477 in extended trading.
(Reporting by Granth Vanaik in Bengaluru; Editing by Krishna
Chandra Eluri)
(Adds details on results, background, shares)
March 2 (Reuters) - Costco Wholesale Corp missed Wall Street expectations for quarterly revenue on
Thursday, as consumers restrict their spending on discretionary
items amid persistently high inflation.
Big-box retailers such as Costco are seeing a slowdown in
demand for big-ticket discretionary items such as electronics
and jewelry, as higher interest rates and surging food prices
force consumers to buy more needs-based and affordable goods.
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