(Reuters) -Costco Wholesale missed Wall Street expectations for third-quarter revenue on Thursday, as consumers grappling with rising living costs pared back on large purchases, especially of non-essential goods such as home furnishings.
The membership-only retail chain has taken a hit as hefty tariffs have fueled fears of a potential recession and price increases, pushing people to rethink their spending patterns.
U.S. consumer sentiment slumped to a nearly three-year low in May, with one-year inflation expectations surging to levels last seen in late 1981.
The company’s quarterly revenue rose 8% to $61.96 billion, compared with analysts’ average expectations of $63.19 billion, according to data compiled by LSEG.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Alan Barona)
Comments