Costco reported no last-in, first-out charge in the latest quarter as the company benefits from some inflationary relief
have recently announced last-in, first-out accounting—also known as LIFO—charges. Costco, meanwhile, had no LIFO charge for the quarter ended Feb. 12, compared with a $71 million charge a year earlier as the company sees some inflationary relief, said Chief Financial Officer Richard Galanti.
Costco is a textbook example of these dynamics. The wholesale retail chain is seeing a slight decline in the rate of inflation, said finance chief Mr. Galanti. In the company’s fiscal fourth quarter, which ended last August, its estimated year-over-year price inflation on its costs was 8%. A quarter later, it was down to around 7% and then to 5% or 6% for the latest quarter ended in February, Mr. Galanti said.
Kroger this month said it took a $234 million LIFO charge during the quarter ended Jan. 28, compared with a $20 million LIFO charge in the prior-year period, due to sustained higher product cost inflation. Kroger took a full-year LIFO charge of $626 million for 2022, compared with a $197 million LIFO charge during the prior year. The company said it expects a LIFO charge of between $300 million to $350 million this year as product cost inflation eases.
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