Costco misses revenue estimates as shoppers curb non-essential spending

(Reuters) – Costco Wholesale Corp (NASDAQ:) missed estimates for quarterly revenue on Thursday, hurt by customers cutting back on non-essential purchases in the face of persistently high inflation.

The membership-only retail chain’s total revenue for the third quarter was $53.65 billion, compared with the estimates of $54.57 billion, according to Refinitiv data.