Why did Costco stock slump on Thursday? Disappointing monthly sales figures
Costco Wholesale Corporation (NASDAQ:COST) shares slid sharply on Thursday after the big box chain reported November sales that fell short of expectations.
The Washington-based retailer said that comparable sales rose 4.3% for the month, well below the 7.7% expectation. Additionally, online sales fell 10.1% due to the more discretionary nature of online offerings. Non-food items were cited by Bank of America as the culprit for the lower monthly sales.
Shares of Costco (COST) fell 6.56% on Thursday, marking the biggest one-day decline for the stock since May.
Read more on the retailer’s Black Friday sales performance.