Costco Wholesale Corp reported quarterly revenue below Wall Street estimates on ...
The membership-only retailer is expanding internationally, opening its first warehouse in China about two months ago, where overcrowding and traffic jams in the neighborhood forced the retailer to limit the number of shoppers in the store.
“We are working with suppliers daily. We’ve gone to pretty much every supplier on every item to see what we can do to both reduce cost and figure out how to do that. In some cases, we’ve reduced our commitments on certain items,” Galanti said. Comparable-store sales, or those recorded at Costco’s e-commerce platform and warehouses open for more than a year, rose 5.1%, excluding the impact of fuel and currency fluctuations. Analysts estimated a 5.25% rise, according to IBES data from Refinitiv.
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