Costco Wholesale whizzed past analysts' estimates for quarterly profit as the warehouse club operator's margins were lifted by a drop in gas prices and a shift to lower-cost sourcing.
Costco Wholesale whizzed past analysts' estimates for quarterly profit on Thursday as the warehouse club operator's margins were lifted by a drop in gas prices and a shift to lower-cost sourcing, sending its shares up 5 percent.
Kroger, one of the largest grocery chains in the United States, said earlier on Wednesday that it would spend up to $3.2 billion to overhaul stores and improve its online business. The efforts paid off, with online comparable-store sales, excluding the impact of fuel price and currency changes, rising 25.5 percent in the second quarter ended Feb. 17.
Costco said it will raise its starting wages to $15 and $15.50 per hour, from $14 and $14.50 per hour in the United States and Canada amid a tight labor market.
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