Costco Wholesale Corp (COST.O) missed second-quarter revenue estimates on Thursday, as consumers turned frugal on discretionary spending amid persistently high inflation, sending its shares down about 3% in after-hours trading.
Major U.S. big-box retailers are seeing a slowdown in demand for discretionary items such as toys, electronics and home goods as higher interest rates and surging food prices force consumers to look for more needs-based consumable goods that are pocket-friendly.
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