Costco Shares Tumble After Quarterly Revenue Miss

Despite a challenging quarter, Costco sees growth in net sales and membership fees, bolstered by strong e-commerce performance.

Costco's shares fell over 7% following a quarterly revenue miss, marking its worst day in nearly two years.
Despite the revenue shortfall, Costco reported a net sales increase of 6% to $57 billion and a jump in membership fees to $1.1 billion.
The retailer's e-commerce sales, particularly of gold bars and silver, significantly contributed to its earnings, with digital sales growing over 18%.
Costco maintains current membership fees but hints at a future increase, emphasizing strong renewal rates and new member sign-ups.
The company is preparing for CFO Richard Galanti's retirement, with former Kroger CFO Gary Millerchip set to succeed him.