Assessment: In a conference call Thursday with analysts, Costco Chief Financial Officer Richard Galanti called freight costs “permanent inflationary items” and said those increases are combining with things that are “somewhat permanent” to drive up pressure …
Shipping bottlenecks that have led to rising freight costs are cooking up a holiday headache for U.S. retailers.
“…You eat, but never have enough. You drink, but never have your fill … Haggai 1:6
Costco this week joined the long list of retailers sounding the alarm about escalating shipping prices and the accompanying supply chain issues. The warehouse retailer, which had a similar cautionary tone in May, was joined by athletic wear giant Nike and economic bellwethers FedEx and General Mills in warning of similar concerns.
The cost to ship containers overseas has soared in recent months. Getting a 40-foot container from Shanghai to New York cost about $2,000 a year and a half ago, just before the Covid pandemic. Now, it runs some $16,000, according to Bank of America.
Read more @ CNBC HERE
Hopefully this causes a shift out of the materialism that has been bred into our society.
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