Costco Wholesale Corp. stock fell less than 1% in the extended session Thursday after the retailer missed Wall Street expectations for its fiscal first quarter and online sales dropped.
Revenue rose 8% to $54.44, from $50.36 billion a year ago, Costco said. Same-store sales rose 6.6%, but e-commerce sales declined 3.7% in the quarter. Costco reported quarterly earnings as analysts raise questions about how it might boost margin and profit, following weaker sales trends last month. He also said he’d be looking for more detail on gas prices’ impact on profit, and the broader state of same-store sales, as inflation shows some signs of easing. Baker also said the company faced questions about a possible membership-fee hike.
Sales up 6% because prices went up 10%?
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