Copy of The Gambling Problem, Costco Trading Call, Casey's Stores Investor Presentation & More
A look at today's consumer is incomplete without an analysis of how online gambling is gaining "wallet share". This is particularly true among young men who are the most predisposed to sports betting and who also happen to be the most important fast-food demo.
Costco reported a +9% y/y increase in net sales for September, with global company comps rising +6.7% y/y and e-commerce sales up +22.9% y/y. Incremental sales driven by consumer preparation for Hurricane Helene and the port strike drove +2% of this increase. Conversely, gas price deflation pressured comps by -2.2% y/y during September (-16% y/y drop in the average worldwide selling price per gallon).
Cost inflation for individual food ingredients seems more ominous than the tame CPI data...
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