Costco isn't jumping into the grocery pickup game any time soon. In response to an earnings-call question from RBC Capital Markets' Scot Ciccarelli about whether Costco had any plans to jump on the pickup trend like Walmart has, CFO Richard Galanti threw cold water on the idea. He said that [...]
Costco Wholesale Corp. kept sales on the upswing in its fiscal 2019 third quarter as per-share earnings hit the high end of Wall Street’s estimates. For the 12-week quarter ended May 12, net sales rose 7.4% to $33.96 billion from $31.62 billion a year earlier, Costco said late Thursday. Membership [...]
Nearly 130,000 Costco employees are poised to get a pay raise starting on June 11. In a Thursday call with investors, CFO Richard Galanti announced that the starting wage for Costco employees would go up $1 to $14 or $14.50 per hour, while other warehouse employees would see hourly raises [...]
E-commerce is disrupting the arena of the traditional supermarket industry. Old moguls, like Walmart and Costco, have initiated their own online businesses to survive this seismic shift. Walmart’s net sales from e-commerce grew 60% and 50% in Q2 and Q3 of 2017 respectively, while total sales grew just 1.8% and [...]
Since Amazon.com took over Whole Foods Market last August, competitors and customers have been anticipating the e-commerce giant’s disruption of the grocery industry. Amazon tinkered with lower prices and added its pick-up lockers to the supermarkets, but it wasn’t until last week that the company launched the kind of disruptive gambit that [...]
It seems Boxed will soon need to beat off its suitors with a stick. According to a new report in the New York Post, the buy-in-bulk e-commerce site — which some have called the “Costco for millennials — has reportedly drawn the interest of another retail giant: Amazon. Amazon CEO Jeff Bezos [...]
Shares in Costco fell 6 percent on Friday after the retailer reported a decline in quarterly gross margins and underlined the growing competition in the industry by launching new grocery delivery services. The membership-based chain on Thursday reported a quarterly profit which scraped past estimates and said it had rolled out [...]
There’s an all-out food fight happening in the grocery store business, and Costco became the latest victim to get hit with some pudding to the face. The warehouse club retailer released second-quarter fiscal 2017 comparable store sales and profits that missed Wall Street’s forecasts. Shares of the company, which were fresh off [...]
If you’ve ever purchased pre-cut produce at Costco or Safeway, or eaten at fast-food restaurants such as McDonalds or Chipotle, chances are that your food was handled by workers at Taylor Farms. As one of the world’s largest fresh-cut produce companies, it employs hundreds of low-wage workers in several warehouses [...]
America’s largest retailers are facing a threat that is rarely discussed: student-loan debt. Consumers make $80 billion in student loan interest payments a year, Moody’s retail analyst Charlie O’Shea said on Bloomberg TV. This means that they have less money to spend at retailers like Walmart, Home Depot, and Costco. [...]