Costco Wholesale Corp. reported revenue of US $53.44 billion in its first quarter fiscal 2023, lower than analysts’ estimates of US $54.64 billion, with consumers cutting back spending on discretionary items, according to business analyst reports.

While missing analysts' expectations, net sales increased 8.1 per cent compared to the same last year, to US $53.44 billion from US $49.42 billion. Comparable sales in Canada increased 2.4 per cent and 9.3 per cent in the U.S. for the 12-week period. When adjusted, excluding the impacts from changes in gasoline and from foreign exchange, comparable sales in Canada for the same period climbed 8.3 per cent and in the U.S. were up 6.5 per cent.

However, net income attributable to the membership-only retail chain rose to US $1.36 billion, or US $3.07 per share, in the quarter ended Nov. 20, from US $1.32 billion, or US $2.98 per share, a year earlier.

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