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Costco Wholesale Corporation (COST)
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Costco margins hit by rising freight and labor costs, shares slip
Costco Wholesale Corp reported a fall in gross margins on Thursday, hit by soaring freight and labor costs across the United States, sending shares of the membership-only retailer down 2% and overshadowing an otherwise upbeat quarterly report. Costco said it was increasing prices in certain areas of food to combat inflation. Retailers like Walmart Inc and Target Corp have warned of decades-high inflation hitting their profits, with customers refraining from buying non-essential and high-margin products.
