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Paul Trussell of Deutsche Bank commented in a note on Wednesday after Costco Wholesale Corporation's (NASDAQ: COST) first quarter that the company's print was below buy-side expectations.
“Costco posted a six basis points decline in core business/merchandising gross product margin or down 13 basis points ex-gas,” Trussel wrote. “This marks the first ex-gas margin contraction since 2Q14, and the largest since 3Q12.”
Trussell notes that Costco's negative performance was driven by hardlines as well as fresh food, which was only partly offset by food and sundries and softlines. The analyst adds that the company's Ancillary business was a key contributor to 22 basis points gross product margin expansion.
Due to margin assumptions based on foreign exchange headwinds and gas prices, the analyst is now lowering his fiscal 2015 EPS estimate to $5.25 from a previous $5.40. However, the analyst's $147 price target remains in place.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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