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Costco's Holiday Sales Results
The holiday shopping season was better than expected for Costco Wholesale (Nasdaq: COST), as the retail giant’s sales results sent shares up 2.07% in after-hours trading on Thursday.
Growth: Total net sales hit $23.8 billion in December, up 7% from the previous year. Sales in the past 18 months for Costco reached $82.16 billion, up from 7.6% in the same period last year. The strongest region for Costco was the U.S., where sales are up 8.1% year-over-year in the last 18 weeks.
Glass Half Empty: While in-store sales grew, it was a different story for e-commerce. Digital sales declined 6.4% year-over-year.
Stock Price: Shares of Costco are down 18% in the last 12 months, including a 6% decline in the last 30 days.
What’s Next: Costco will hold a shareholder meeting on January 19 and earnings will go out on March 2.
Final Thoughts: The e-commerce slump is part of a trend in recent months for Costco. There’s a chance that other in-store retailers experienced growth in the holiday season as well, and there’s also a chance that other online retailers may have struggled during the holiday season.
Notables
Notable Earnings Today: Greenbrier (NYSE: GBX).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Tepeyolot Cerveceria (Honeycomb), Bratton Construction (SMBX), Santé (Wefunder), Kudo Society (Honeycomb).
Notable Economic Events Today: Unemployment Rate (8:30 a.m. ET), Nonfarm Payrolls (8:30 a.m. ET), Average Hourly Earnings (8:30 a.m. ET), Labor Force Participation Rate (8:30 a.m. ET), ISM Non-Manufacturing PMI (10:00 a.m. ET), Factory Orders (10:00 a.m. ET).
WWE's Former CEO Looks At Sale
Shares of World Wrestling Entertainment (NYSE: WWE) jumped 11.40% in after-hours trading on Thursday after former CEO Vince McMahon announced plans to return to the company and explore a potential sale.
Details: McMahon, the largest shareholder, wants to get elected to the Board along with Michelle Wilson and George Barrios, two former WWE co-presidents and board members. The plan calls for McMahon to become the executive chairman to lead the negotiations and review for a potential sale.
Quote: "WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms.” - Vince McMahon.
Background: Last year, McMahon left the company due to allegations of misconduct and sexual harassment.
Final Thoughts: WWE’s stock is up 46% in the last year, so this is an interesting time to try to sell the company.
Kura Sushi Has Earnings Miss
Shares of Kura Sushi USA (Nasdaq: KRUS) dropped 10.11% in after-hours trading on Thursday after the company announced bad financial earnings results.
Financials: Kura Sushi reported a loss of 21 cents per share and revenue of $39.3 million; both were below estimates.
Final Thoughts: With shares down 30% in the last 12 months, it’s a bad time for the company.
Trends to Watch
No Surprises Here: Solana’s Doge-Themed BONK Drops 54% After Bonkers 3,300% Gains (Decrypt)
The Fix is Not in: Stitch Fix lays off 20% of workforce and its CEO steps down (CNN)
Bed Bath & Bankruptcy: Bed Bath & Beyond Prepares to File for Bankruptcy Within Weeks (The Wall Street Journal)
Big Drop: Huobi Exchange Token Down 11% on Reports of Layoffs, Internal Strife at Company (CoinDesk)
Shrinking: Samsung estimates quarterly profit sank to 8-year low on demand slump (CNBC)
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