Quarterly sales for Costco Wholesale trailed expectations on Thursday as the retailer navigated economic headwinds while seeking ways to boost profitability.
Membership revenue declined for a third-straight quarter for Costco as fees rose 7.3% year over year to $1.5 billion, missing the mark on analyst estimates of $1.8 billion, suggesting its reliance on high-income shoppers faltered in recent months.
Costco reported $6.75 earnings a share in its fiscal fourth quarter, and revenue rose 11% year over year to $93.8 billion. Analysts had forecast $6.54 earnings a share and $94.9 billion in revenue, according to FactSet. Full-year earnings rose 14% to $20.78 a share as revenue increased 10% to $297.2 billion. Analysts expected earnings a share of $20.50 and $302.3 billion in annual revenue.
This is a developing story. Please check back for further updates soon.