DIRS.INFO The most relevant business & tech news

☆ Costco CFO says China has huge potential as he gives us a peek at international expansion plans
▼ + stars: | 2024-01-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

The world's second-largest economy has "very good potential" for Costco expansion, CFO Rich Galanti told CNBC. In an interview with Galanti, the warehouse club's numbers cruncher gave CNBC a glimpse at Costco's longer-term expansion plans. Costco plans to open one more China location this calendar year after the debut earlier this month of the store in the southern Chinese city of Shenzhen. Costco's international segment "continues to grow as a percent of the store base," he told CNBC. Shoppers queue in the parking lot to enter the Costco Wholesale Corp. store in Shenzhen, China, on Sunday, Jan. 14, 2024.

Persons: Rich Galanti, Galanti, Craig Jelinek, Jim Cramer, We've, Jelinek didn't, Ron Vachris, signups, Phillip Blee, William Blair, Blee, cardholders, Corey Tarlowe, Tarlowe, Michael Baker, Davidson, Kirkland, bode, Jim Cramer's, Jim, Qilal Shen Organizations: Costco, CNBC, cruncher, Disney, Jefferies, D.A, Kirkland, Tarlowe, Shoppers, Costco Wholesale Corp, Bloomberg, Getty Locations: Shenzhen, China, Canada, North America, United States, Mexico, South America, Shanghai, U.S, —

☆ Charlie Munger's acumen, wisdom and irreverence: Investors mourn the loss of one-of-a-kind legend
▼ + stars: | 2023-12-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

As Charlie Munger's admirers around the globe mourn the loss of one of the most influential investors ever, a deep sense of gratitude and appreciation has spread — for his unparalleled business acumen as well as his uniquely sharp tongue. Munger, Berkshire Hathaway's vice chairman who died Tuesday one month shy of his 100th birthday, left a mark on generations of investors in a host of ways thanks to a long and fruitful life. First and foremost, Munger's investment philosophy rubbed off on none other than Warren Buffett, giving rise to the sprawling conglomerate worth almost $800 billion that Berkshire is today. Munger long emphasized the importance of recognizing a good business before it's widely seen as such, and he did so many times in his storied career. Munger was also a loyal supporter of Costco Wholesale Corp ., calling it one of the best investments of his life.

Persons: Charlie Munger's, Warren Buffett, Munger, Buffett, Bill Stone, Matt McLennan, Charlie, McLennan Organizations: Munger , Berkshire Hathaway's, Glenview Trust, First Eagle Investments, CNBC, Berkshire, Costco Wholesale Corp, Price Club Locations: Munger , Berkshire, Berkshire, Glenview

☆ Charlie Munger's greatest bits of investing advice from over the years
▼ + stars: | 2023-11-28 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

In fact, the Berkshire vice chairman called it "insane" to teach that one has to diversify when investing in common stocks. "I have a friend who says the first rule of fishing is to fish where the fish are. We've gotten good at fishing where the fish are," the then-93-year-old Munger told the thousands of people at Berkshire's 2017 meeting. Big money is in the 'waiting'The investing sage believed that in investing, it pays to wait. Munger often defended Berkshire's inaction as he always saw the virtue of sitting on the sidelines to wait for a good opportunity.

Persons: Charlie Munger, Warren Buffett's, Buffett, Benjamin Graham, Munger, Berkshire Hathaway, We've Organizations: Columbia University, Berkshire, Costco Wholesale Corp, Price Club Locations: Berkshire, Berkshire's

(AP) — Charlie Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, has died at a California hospital. Berkshire Hathaway said in a statement that Munger’s family told the company that he died Tuesday morning at the hospital just over a month before his 100th birthday. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement. Munger and Buffett began buying Berkshire Hathaway shares in 1962 for $7 and $8 per share, and they took control of the New England textile mill in 1965. He also gave a significant portion of his Berkshire stock to his eight children after his wife died in 2010.

Persons: Charlie Munger, Warren Buffett, Berkshire Hathaway, ” Buffett, Munger, Buffett, “ Charlie, Buffett’s, Ben Graham, ” Munger, ” Edward Jones, Jim Shanahan, Cathy Seifert, ” Seifert, didn’t, Charles T, See’s Candy, it’s, ”, Investor Whitney Tilson, Tilson, you’ve, ” Tilson, hadn’t, Josh Funk Organizations: Daily Journal Corp, Wall Street Journal, CNBC, Columbia University, Berkshire Hathaway, BNSF, Apple, CFRA, Buffett, Buffalo News, Wesco, Investor, University of Michigan, Army Air Corps, Harvard University, Harvard, Westlake, Stanford University Law School, Huntington Library, Samaritan Hospital, Westlake School, Costco Wholesale Corp Locations: OMAHA, Neb, Berkshire, California, New England, Los Angeles, Pasadena, Munger, Omaha , Nebraska, Omaha, Southern California, “, ”

☆ Charlie Munger reflects on one investment Warren Buffett passed up — Costco
▼ + stars: | 2023-11-04 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett and his longtime business partner Charlie Munger almost never butt heads, but there has been one rare area of disagreement between the two investment legends. Costco has grown from less than $5 a share in the early 1980s to more than $560 a share today. 'Shoot me first' As Munger's obsession over Costco grew stronger over the years, Buffett learned to make lighthearted jokes about it. "Charlie said, 'I would like to give, once more, my speech on the virtues of Costco — with illustrations.' I kind of used them up between Costco and Apple," Buffett once said.

Persons: Warren Buffett, Charlie Munger, Munger, —, Buffett, James Sinegal's, Berkshire Hathaway, didn't, Warren wouldn't, Warren doesn't, Sears Roebuck, It's, Buffett's, he's, Charlie Organizations: Costco Wholesale Corp, Oracle, Price Club, Costco, Berkshire, BNSF, Apple Locations: Omaha, America, Berkshire

☆ Costco taps operation chief Vachris as next CEO
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: 1 min

Companies Costco Wholesale Corp FollowOct 18 (Reuters) - Costco Wholesale (COST.O) said on Wednesday CEO Craig Jelinek would step down from his role by the end of the year and would be succeeded by operations head Ron Vachris. The membership-only retailer said company veteran Vachris, who has been with the firm for over 40 years, will take on the role from Jan. 1. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Craig Jelinek, Ron Vachris, Vachris, Aishwarya Venugopal, Devika Organizations: Costco Wholesale, Thomson Locations: Bengaluru

☆ Costco Gets a Boost as Impact of Last-In, First-Out Accounting Fades
▼ + stars: | 2023-03-15 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Costco is seeing a slight decline in inflation, according to the retailer’s finance chief. With inflation stuck at high levels, some U.S. companies’ use of an accounting method that lowers their federal tax bill has increased costs and hit earnings. But for retail giant Costco Wholesale Corp., it is a different story. Companies including wholesale specialty foods distributor United Natural Foods Inc. and grocery chain Kroger Co. have recently announced last-in, first-out accounting—also known as LIFO—charges. Costco, meanwhile, had no LIFO charge for the quarter ended Feb. 12, compared with a $71 million charge a year earlier as the company sees some inflationary relief, said Chief Financial Officer Richard Galanti .

☆ Wall Street closes sharply higher, notches weekly gains as Treasury yields ease
▼ + stars: | 2023-03-03 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The week also saw the benchmark S&P 500 break through its 50- and 200-day moving averages, two closely watched technical levels. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 3, 2023. Fourth-quarter earnings season is on the final stretch, with all but seven of the companies in the S&P 500 having reported. This would imply the S&P 500 entered a three-quarter earnings recession in the closing months of 2022, per Refinitiv. The S&P 500 posted 23 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 79 new highs and 57 new lows.

☆ Wall Street rallies, on course for weekly gains as Treasury yields dip
▼ + stars: | 2023-03-03 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 3, 2023. The week also saw the benchmark S&P 500 break through its 50- and 200-day moving averages, two closely watched technical levels. Fourth-quarter earnings season is on the final stretch, with all but seven of the companies in the S&P 500 having reported. This would imply the S&P 500 entered a three-quarter earnings recession in the closing months of 2022, per Refinitiv. The S&P 500 posted 21 new 52-week highs and two new lows; the Nasdaq Composite recorded 73 new highs and 49 new lows.

☆ Sam’s Club Adding Distribution Centers to Speed Up Online Fulfillment
▼ + stars: | 2023-02-28 | by ( Liz Young | ) www.wsj.com time to read: +4 min

Sam’s Club is expanding its supply-chain network as it looks to build on recent e-commerce sales growth by speeding up order fulfillment while cutting shipping costs. Sam’s Club said its plan is to shrink the average distance between its supply-chain facilities and its stores and members. Sam’s Club said it is designing its new stores to have more space for curbside pickup and delivery orders. The first new Sam’s Club fulfillment center is expected to open near Atlanta in the third quarter of this year. Mr. Godsey said Sam’s Club will employ the same number of people it would have without automation so it can handle more volume.

☆ U.S. retailers' ocean shipping price woes ending as new delays threaten
▼ + stars: | 2023-02-27 | by ( Lisa Baertlein | ) www.reuters.com time to read: +4 min

LONG BEACH, Calif., Feb 27 (Reuters) - Collapsing ocean shipping rates are not all good news for U.S. retailers, who paid as much as $20,000 to move a container of goods during the worst pandemic disruptions, as they now are bracing for delays due to plummeting demand. dolls to the short-term spot market from the long-term contract market. Volatile spot rates were the first to plummet when pandemic-weary consumers shifted spending from goods to travel and entertainment. Previously loyal customers are aggressively comparison- shopping, spreading their business around and gambling on the spot market, experts said. This time around, importer and exporter shipping managers, whose costs exploded when they were unexpectedly forced into the sky-high spot market, have the upper hand.

☆ Retailers Hope to Bargain for Lower Ocean-Freight Rates
▼ + stars: | 2023-02-14 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Richard Galanti, chief financial officer of Costco Wholesale Corp. , said lower freight rates should lead to price cuts at the members-only retailer, which imports more than 200,000 containers a year from Asia. An International Monetary Fund study found that when ocean-freight rates double it causes inflation to rise by 0.7 percentage point. Jonathan Ostry, a Georgetown University professor and a co-author of the study, said cutting shipping rates in half should reduce inflation by the same amount. In the ocean-shipping spot market, where importers book containers without a contract, rates have dropped to $1,000 on some trans-Pacific routes. But they say lower ocean shipping expenses will help in steadying prices.

☆ Beyond Meat Hires Marketing Executive, Revamps Retail Strategy
▼ + stars: | 2023-02-03 | by ( Jesse Newman | ) www.wsj.com time to read: 1 min

Beyond Meat Inc. is revamping its retail sales strategy to center on five major grocers and hiring a new marketing executive as part of an effort to reinvigorate the plant-based food maker’s business. The California-based company is orienting its retail business around Kroger Co., Walmart Inc., Publix Super Markets Inc., Costco Wholesale Corp. and Whole Foods Market, according to internal company presentations and documents. Beyond is working to streamline its operations and reverse declining sales.

☆ Walmart to Raise Starting Hourly Wages to $14 From $12
▼ + stars: | 2023-01-24 | by ( Sarah Nassauer | ) www.wsj.com time to read: 1 min

A Walmart employee stocks shelves in Secaucus, N.J. The company’s recent moves have raised its average hourly pay to over $17.50. Walmart Inc. said it is raising wages for its U.S. hourly workers as the country’s largest private employer continues to fight to attract staff in a tight labor market for front-line workers. Starting next month, Walmart’s U.S. workers in stores and warehouses will earn a starting wage of at least $14 an hour, up from $12, the company said in a memo to staff Tuesday. Rivals, including Amazon.com Inc. and Target Corp., have a $15-an-hour minimum wage, while Costco Wholesale Corp.’s minimum is even higher.

Companies Costco Wholesale Corp FollowJan 17 (Reuters) - A U.S. judge on Tuesday said Costco Wholesale Corp (COST.O) must face a lawsuit claiming it falsely advertises and labels its canned tuna as "dolphin safe" despite using fishing methods that harm and kill dolphins. The Issaquah, Washington-based retailer said Wright only speculated about the risk to dolphins in tuna she bought, and that it made no promises about dolphin safety beyond using a "dolphin safe" logo on labels. He said this was particularly important because consumers "overwhelmingly" prefer tuna labeled dolphin-safe when given a choice. The case is Wright v Costco Wholesale Corp, U.S. District Court, Northern District of California, No. Reporting by Jonathan Stempel in New York; Additional reporting by Mehr Bedi in Bengaluru; Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ CFOs Ponder Their Pricing Power as the Economy Cools
▼ + stars: | 2023-01-09 | by ( Jennifer Williams-Alvarez | Dean Seal | ) www.wsj.com time to read: +7 min

After a year of significant price increases, companies are trying to figure out how far they can go in 2023. However, pricing experts said, consumers and businesses will likely pull back on discretionary spending and will be less tolerant of price increases as they become mindful of their budgets. The Katy, Texas-based retailer takes an item-by-item approach to price increases. Customers haven’t balked at higher price tags, Ms. Huber said in late October. Still, the company said the aggressive price hikes in 2022 haven’t yet had a significant impact on consumers’ behavior.

☆ Retailers Pull Back From Using Chartered Cargo Ships
▼ + stars: | 2022-12-23 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Retailers are moving away from using chartered ships to get around pandemic-triggered disruptions now that congestion at ports has cleared and pressures in supply chains have eased. A representative for Home Depot said it stopped using chartered vessels earlier this year as space opened up in global shipping. Party City started booking space on chartered vessels in mid-2021 in advance of Halloween, its busiest time of year, said Bruce Dzinski, Party City’s director of international transportation. Will Harwood, a spokesman for Lidl, said Tailwind owns two container ships and can carry additional cargo on other chartered vessels. Most other companies, like Home Depot and Costco, relied on third-party companies to operate chartered ships.

☆ U.S. Container Imports Are Plummeting to Close the Year
▼ + stars: | 2022-12-15 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Big U.S. ports are reporting steep declines in inbound container volumes for November, signaling a downturn in goods imports is accelerating and adding to concerns over a deeper slowdown in 2023. The ports also handled about 98,000 fewer inbound boxes last month than in November 2019 and imports have been below prepandemic levels since September. Port of Los Angeles Executive Director Gene Seroka said the U.S. is seeing a slowing of imports. They also diverted goods to Gulf Coast and East Coast ports due to fears of a work slowdown as West Coast dockworkers negotiate a new multiyear labor agreement. The downturn is reaching East Coast ports, which have seen relatively strong trade as companies shipped around California’s congested gateways.

☆ Freight Brokerage RXO Will Focus on Tech Investments, CFO Says
▼ + stars: | 2022-12-13 | by ( Kristin Broughton | ) www.wsj.com time to read: +4 min

RXO, which before the transaction accounted for roughly a third of XPO’s total revenue, matches freight loads with available trucks on the spot and contract markets. A priority for Mr. Harris, who was appointed to the CFO post in September ahead of the spinoff, is investing in digital capabilities for shippers and carriers. Approximately two-thirds of the company’s total capital budget will go toward technology, with the remainder focused on maintenance-related costs, Mr. Harris said. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Among the advantages of being an independent company is RXO now has more control over its capital budget, Mr. Harris said.

☆ Costco’s Sales Climb 8% as Consumers Seek Discounts
▼ + stars: | 2022-12-09 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Costco’s store results varied regionally, with sales up more in the U.S. than in Canada. Costco Wholesale Corp. posted an 8% rise in sales in its first quarter as consumers sought discounts on bulk goods amid high inflation. The warehouse retailer, which sells groceries, electronics, furniture and appliances to paying members, reported $54.4 billion in sales for the three months ended Nov. 20, beating analyst expectations of $50.4 billion, according to FactSet.

☆ Costco misses quarterly revenue estimates on softening demand
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - 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 Corp (TGT.N) and Dollar Tree Inc (DLTR.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. Reporting by Granth Vanaik in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Costco Sales Growth Cools as Consumers Shift Discretionary Spending
▼ + stars: | 2022-12-08 | by ( Sarah Nassauer | Sabela Ojea | ) www.wsj.com time to read: 1 min

Costco’s store results varied regionally, with sales up more in the U.S. than in Canada. Costco Wholesale Corp. sales growth slowed slightly in the most recent quarter compared with recent years as some shoppers bought fewer big-ticket discretionary items. Comparable sales, those from stores of digital channels operating for at least 12 months, rose 7.1% in the quarter ended Nov. 20. That quarterly figure, which excludes currency fluctuations and gasoline sales, hasn’t fallen below 9% over the past two years. Online sales fell 3.7% from the prior year, Costco said.

☆ Futures flat after strong Wall Street rally; Salesforce slides
▼ + stars: | 2022-12-01 | by ( Ankika Biswas | ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: Dow dips 0.16%, S&P flat, Nasdaq off 0.11%Dec 1 (Reuters) - U.S. stock index futures were little changed on Thursday after a strong Wall Street rally in the previous session on hopes of a potential downshift in the Fed's policy on aggressive rate hikes, while Salesforce fell on news of its co-CEO to step down. The S&P 500 index (.SPX) closed above its 200-day moving average for the first time since April in the previous session, while the Nasdaq index (.IXIC) ended over 4% higher. "Seeing a little bit of profit taking," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey. Powell, however, cautioned that the fight against inflation was far from over and indicated that the terminal rate will be "somewhat higher" than the 4.6% indicated by policymakers in their September projections. ET, Dow e-minis were down 56 points, or 0.16%, S&P 500 e-minis were down 2 points, or 0.05%, and Nasdaq 100 e-minis were down 13.25 points, or 0.11%.

A reading from the Commerce Department showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.8% after an unrevised 0.6% increase in September. The core personal consumption expenditure (PCE) index, excluding volatile items, eased to 0.2%, against expectations of 0.3%. "People are feeling that the worst is behind us," said Sam Stovall, chief investment strategist at CFRA Research in New York. The S&P 500 index (.SPX) closed above its 200-day moving average for the first time since April in the previous session, while the Nasdaq index (.IXIC) ended over 4% higher. FEDWATCHInvestors also await nonfarm payrolls data on Friday, with the ADP report on Wednesday suggesting cooling demand for labor.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. Despite the sales warning from Target, latest data on U.S. retail sales suggested that consumer spending remained stable and could help to underpin the economy in the fourth quarter. The data showed retail sales rose 1.3% last month after remaining flat in September. Economists polled by Reuters had forecast sales accelerating 1%. ET, Dow e-minis were down 57 points, or 0.17%, S&P 500 e-minis were down 14.25 points, or 0.36%, and Nasdaq 100 e-minis were down 71 points, or 0.6%.

Search resuls for: "Costco Wholesale Corp"

25 mentions found