NEW YORK — Shares of Costco Wholesale Corp. took a double-digit pounding Tuesday after gross margin pressure and higher costs led it to lower its fourth-quarter and full-year earnings forecasts, despite strong net and comparable-store sales.
For the three months ending Aug. 31, the Issaquah, Wash.-based warehouse retail chain now expects to report fourth-quarter earnings per share of 46 to 48 cents. Previously, Costco had anticipated earnings of 54 to 56 cents. As a result, full-year earnings are now expected to be $1.48 to $1.50 versus the earlier guidance of $1.56 to $1.58. Last year, the firm recorded profits of 52 cents and $1.48 for the fourth quarter and full year, respectively.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"