Retail shares were mixed on Tuesday despite a strong performance from Costco Wholesale Corp, which rose sharply on expectations of higher profits.
Top U.S. warehouse club firm Costco Wholesale Corp (NASDAQ:COST)saw its shares hit an all-time high, rising $5.82, or 9.2 percent to $69.13 after the firm reported that fourth quarter profit increased 4.7 percent on stronger food and consumer electronics sales. The firm reported that same-store sales for the five weeks which ended on Oct 7 rose 6 percent, beating analystsâ€™ estimates.
Meanwhile, the largest U.S. pet supply firm, Petsmart, Inc (NASDAQ:PETM) cut its third quarter same-store sales outlook on soft consumer spending and unfavorable weather, sending shares down 4.1 percent to $31.06. The company said full-year profit would be in the range of $2.02 to $2.07, below an earlier forecast of $2.08 to $2.10
Among the decliners were RadioShack Corp (NASDAQ: RSH), which fell 1.1 percent to $20.75 and Staples Inc, which dropped 0.8 percent to $22.49.