Consumer Cos Up After Inflation Data — Consumer Roundup
Consumer companies ticked up after consumer inflation neared the Federal Reserve's 2% target.
The August personal consumption expenditure index of consumer inflation rose a softer-than-anticipated 2.2% on an annual basis.
Costco shares slipped after the warehouse chain posted quarterly sales growth more or less in line with expectations. Shares of Costco are up by more than 50% in the last 12 months. The Costco report also suggested that "inflation is licked and pricing is benign," said D.A. Davidson analyst Michael Baker.
French luxury conglomerate LVMH is investing in Moncler in a transaction that gives it a seat on the board of the Italian fashion company, best known for its pricey puffer jackets.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
September 27, 2024 17:42 ET (21:42 GMT)
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