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Costco misses revenue expectations as consumers cut back on discretionary items.

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Costco Wholesale Corp COST.O reported quarterly revenue on Thursday that missed analysts’ estimates, with consumers cutting back spending on discretionary items such as jewelry and electronics against the backdrop of decades-high inflation.

Retailers Target CorpTGT.N and Dollar Tree IncDLTR.O also said in November that surging inflation and changes in consumer spending were driving down demand for discretionary goods such as toys and electronics.

Costco’s total revenue for the first quarter was $54.44 billion, compared with estimates of $54.64 billion, according to Refinitiv IBES data.

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

The company’s shares fell about 1% in extended trading.

(Reporting by Granth Vanaik in Bengaluru; Editing by Shounak Dasgupta)

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