Costco stock lower following Q4 earnings, cautious consumer outlook

shares moved lower in early Wednesday trading following the bulk retailer's stronger-than-expected fourth quarter earnings and solid membership sales.

Group net sales, Costco said, rose 9.5% to $78.94 billion, again topping analysts' forecasts of a $77.9 billion tally. Membership fees rose 13.7% to $1.509 billion. The group's overall gross margin was up 0.42% to 10.6%. Average daily transaction were down 3.9% in the U.S., and 4.5% worldwide over the quarter, Costco said, thanks in part to"weakness in bigger ticket nonfood discretionary items, as well as the gas price deflation."

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