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Retailers Target Corp (NYSE:TGT) and Dollar Tree Inc (NASDAQ:DLTR) also said in November that surging inflation and changes in consumer spending were driving down demand for discretionary goods such as toys and electronics.
Costco’s total revenue for the first quarter was $54.44 billion, compared with estimates of $54.64 billion, according to Refinitiv IBES data.
However, net income attributable to the membership-only retail chain rose to $1.36 billion, or $3.07 per share, in the quarter ended Nov. 20, from $1.32 billion, or $2.98 per share, a year earlier.
The company’s shares fell about 1% in extended trading.
