Costco Wholesale is down this Friday at Wall Street.Sales of the chain of warehouses reserved for members have, certainly, climbed 4.8% to a number of stores comparable in the third quarter of its fiscal year, but it is less than the expectations of the consensus, which aimed for an increase in5.6%.Over the last month, they nevertheless fell 4.7% worldwide.
And, due to the health crisis, costs have increased more than expected, which has penalized the margins.The net profit of the period thus emerges at $ 1.89 per share (838 million dollars in published data), against $ 2.05 anticipated by analysts (906 million).In question, increased wage charges and sanitation costs linked to the COVVI-19 epidemic, which weighed in total for 289 million dollars.
The mix-product has also weighed.The containment phase has changed the mode of consumption of Americans, which logically rushed at foodstuffs than on more discretionary items, such as jewelry or luggage, more profitable.Online sales jumped more than 60% over a year, but that was not enough, especially since this distribution channel generates additional costs for routing.
No other option, however, says Jan Kniffen, consultant to investors in retail companies and former director in the distribution sector: "Otherwise, you let a competitor take your market share, and therefore thebusiness business.»»
Costco has nearly 800 stores around the world, including 547 in the United States.As with other brands, attendance has dropped (-4.1% over the quarter in the United States and -2% in the rest of the world), but customers bought more during their passages, said the financial directorde Costco, Richard Galanti.The average ticket increased by 9.3%.
On the stock market, despite the reaction of the day, the title still has won almost 5% since the start of the year, comparing to drop 10% in the Dow Jones.