2023-07-14 23:10:32
In the midst of an inflationary crisis, Costco’s chief financial officer sees changes in customer habits that point to a recession.
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Publicly traded Costco Wholesale holds a quarterly call on the company’s financial results.
As US food prices skyrocket, here are three things CFO Richard Galanti has seen.
Less red meat
Beef sales are down in the aisles of warehouse stores, the businessman confirmed to Costco shareholders. The clientele turns more to pork or chicken.
AFP
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An increase in sales of meat and fish products was noted during the second quarter of 2023, reports the media specialized in economic news, Benzinga.
Affordable and with a longer shelf life, canned foods have never been more popular.
Kirkland attracts interest
Costco’s private label, Kirkland, sees higher sales volume in 2023.
Offering lower prices than national brands, Kirkland products are increasingly finding their way into consumers’ shopping carts.
AFP
On a global scale, the American company recorded a drop in sales of 4.2%.
The executive of the multinational indicates that these figures are attributable to a low level of sales of electronic devices and household appliances, such as refrigerators and televisions.
With interest rates continuing to climb in the United States and Canada, Richard Galanti believes that these signs, already felt before a recession, portend the worst in the weeks to come.
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