Costco’s revenue falls amid coronavirus pandemic
On Thursday, American multinational warehouse club operator Costco Wholesale Corp. (COST.O) reported a 7.5% decline in its third-quarter revenue. The retail company spent $300 Million on incremental wages and extra sanitation costs amid the coronavirus pandemic.
The company’s shares fell by 2% in extended trading.
Costco said that its quarterly profit was severely affected by pretax expenses worth $283 Million or 47 cents per share.
According to IBES data from Refinitiv, Costco’s total revenue spiked up by 7.3% to $37.27 billion in the third quarter beating estimates of $37.13 billion. The company earned $33.96 billion in sales last year.
Costco’s gasoline business took a hit because of the weak travel demand. Sales of discretionary products such as luggage and high-end apparel also declined.
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