Costco Wholesale Corp on Thursday reported quarterly revenue below Wall Street estimates, as the U.S. hypermarket chain struggled to lure shoppers in a competitive grocery space, sending its shares down about 2% in extended trading. U.S. grocers compete fiercely to attract shoppers and also face the threat of Amazon.com Inc expanding into the space, forcing Costco and other grocers to slash prices and invest heavily in stores and online. In August, Costco opened its first store in Beijing where overcrowding and traffic jams in the neighborhood forced the retailer to limit the number of shoppers in the store. …read more
Source:: Yahoo Finance
