(Reuters) -Costco Wholesale missed market expectations for quarterly sales on Thursday as consumers feeling the pinch of inflation cut back spending at the retailer.
The membership-only retailer’s shares were down 5% in extended trading.
With still-high interest rates and sticky inflation hammering household budgets, customers have kept a tight lid on their spending, particularly for big-ticket non-essential purchases such as home furnishings, sporting goods and garden supplies.
Costco posted total revenue of $58.44 billion in the second quarter, compared with analysts’ estimates of $59.16 billion, according to LSEG data.
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shweta Agarwal and Shounak Dasgupta)
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