Amid an inflationary crisis, Costco’s chief financial officer sees changes in customer habits that portend a recession.
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Publicly traded company Costco Wholesale conducts a quarterly conference call on the company’s financial results.
As food prices soar in the US, here are three things CFO Richard Galanti has been observing.
Less red meat
Beef sales in the warehouse aisles have declined, the businessman confirmed to Costco shareholders. Customers tend to prefer pork or chicken.
AFP
· Canning on the side
In the second quarter of 2023, there was an increase in sales of meat and fish products, reports the medium Benzinga, which specializes in business news.
Affordable and with a longer shelf life, canned food has never been more popular.
Kirkland arouses interest
Costco’s Own Brand Kirkland Reports Higher Sales Volume in 2023
Kirkland products are less expensive than national brands and are increasingly finding their way into consumers’ shopping carts.
AFP
The American company recorded a global decline in sales of 4.2%.
The CEO of the multinational says that these figures are due to low sales of electronic devices and household appliances such as refrigerators and televisions.
As interest rates continue to rise in the United States and Canada, Richard Galanti believes these signs, already felt before a recession, portend the worst in the coming weeks.