Why Costco Stock Was Sliding Today
Shares of Costco Wholesale (NASDAQ: COST) were moving lower today after the warehouse retail giant issued a disappointing March sales report.
Costco said net sales in the five weeks ended April 2 rose just 0.5% to $21.71 billion. Comparable sales, adjusting for fuel prices and currency exchange, were up 2.6% and rose just 0.9% in the U.S., indicating that rising interest rates and a weakening economy finally seem to be impacting Costco, one of the most resilient U.S. retailers. Without adjustments, comparable sales were down 1.1% globally, or 1.5% in the U.S.
As of 10:22 a.m. ET, the stock was down 3.6%.
Source Fool.com
