Costco cuts back in face of COVID-19, cutting overstocking risk — Panjiva
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Costco cuts back in face of COVID-19, cutting overstocking risk

China 3048 Cons. Discr. - Durables 574 Cons. Discr. - Retailing 517 Coronavirus 511 Earnings 759 U.S. 5399

Costco Wholesale reported an 8.0% increase in underlying sales in the U.S. in the fiscal quarter to May 10. The firm has faced supply chain challenges in meeting that growth however. The firm’s CFO, Richard Galanti, has noted that non-food imports from China are improving as “most of the factories are now up and running” though other countries are “a few weeks behind China”. U.S. seaborne imports linked to Costco fell by 22.4% year over year in the first three weeks of May. That was driven by shipments of non-essential goods, led by a 43.5% drop in shipments of toys while imports of elec...

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