Costco Wholesale Corp. shares fell in the extended session Thursday after the retailer missed Wall Street expectations for its fiscal third quarter, during which it spent nearly $300 million in wages and extra sanitation amid the coronavirus pandemic.
The quarterly profit was impacted by pretax expenses of $283 million, or 47 cents a share, “from incremental wage and sanitation costs related to COVID-19,” the retailer said. Analysts polled by FactSet expected the retailer to report GAAP earnings of $1.96 a share on sales of $37 billion.
So...they’re only going to have profits if 500,000,000 this year (and probably pay no taxes)?
Costco will always find ways to recoup any loss profits 😉
This level of cleaning should have always been occurring a retailers that serve the general public. This will be the new normal and they will figure out how to manage this ongoing.