Costco Quarterly Sales Disappoint as Competition Heats Up
Costco’s shares fell almost 2% on the news that the warehouse retailer had missed Wall Street’s quarterly estimates. It seems Costco is having more trouble attracting customers as other major players such as Amazon and Walmart up their game.
Still, the opening of Costco’s first warehouse store in China was a bright spot, and the retailer is working aggressively to weather the effects of trade war.
Costco and other U.S. grocers are slashing prices while investing heavily in stores and online operations to defend their share of the market as Amazon.com and Walmart expand aggressively.