The Costco conundrum: Packed parking lots and a falling stock - Business Insider
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You drive by Costco and see the parking lot teeming with cars. The left-hand turn lane to enter is backed up 50 yards. The gas station is packed with people planning to head inside after they fill up. It's the busiest intersection in town. But then you pull up a stock chart. Shares are down 16% since a peak in May. You're confused. Didn't you just read that earnings were strong this past quarter? The stock underperformance isn't just a Costco issue. Walmart — another retailer that shoppers have historically traded down to when trying to spend less — has an eerily similar recent stock chart despite continuing to add customers. What gives? Aren't these supposed to be all-weather winners of a consumer pullback? In an ironic way, the reputation of Costco and Walmart as defensive plays may have worked against them. As worries about the consumer grew, investors built a premium into their stocks. That, in turn, gave them less room for error, and made them more sensitive to further signs of weaker spending. The chart below shows just how badly both stocks have underperformed the market — and the broader consumer staples sector — since they closed at record highs on May 19.
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