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.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus