Costco misses quarterly revenue estimates

(Reuters) - Costco Wholesale Corp reported quarterly revenue on Thursday that missed analysts' estimates, with consumers cutting back spending on discretionary items such as jewelry and electronics against the backdrop of decades-high inflation.

The membership-only retail chain's total revenue for the first quarter was $54.44 billion, compared with estimates of $54.64 billion, according to Refinitiv IBES data.

(Reporting by Granth Vanaik in Bengaluru; Editing by Shounak Dasgupta)