Earnings

Costco (COST) earnings Q4 2023

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Costco on Tuesday reported quarterly earnings that topped Wall Street’s expectations, as shoppers turned to the membership club for groceries but bought fewer big-ticket items.

On an earnings call, Chief Financial Officer Richard Galanti said shoppers made more trips to the retailer’s stores, even as they spent less. He said sales of pricier items in the U.S., outside of food, were weaker and falling gas prices also weighed on revenue.

Traffic rose 5.2% worldwide and 5% in the U.S. on a year-over-year basis. Costco’s average transaction amount in the quarter dropped nearly 4% worldwide and 4.5% in the U.S., he said.

Here’s what the membership-based warehouse club reported for the…



Source cnbc.com

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