Ruthie Ackerman, 12.11.08, 10:30 PM EST
Discount retailer lures customers looking for gas and food, but can’t get them to buy much else.
Consumers are still flocking to Costco Wholesale, but they’re being more focused about their purchases, buying necessities like food and gasoline and foregoing clothing and other discretionary items. While strong gas sales pushed the discount retailer’s profits higher in the first quarter, it was overshadowed by a slump in consumer spending and a robust greenback that hurt sales abroad.
