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Costco slipped in late trading after the big-box retailer posted profit that missed Wall Street’s expectations. Retailers have taken a more cautious outlook in recent weeks.

The company will raise hourly pay for employees at the top of its pay scale over the next three years, CEO Ron Vachris wrote in a memo to staff this week that was viewed by Bloomberg News.

Revenue came to $39 billion for the fiscal quarter ended in November, driven by higher prices for branded drugs and prescription volumes at the company’s U.S. retail pharmacy division.

Costco Wholesale Corp. posted quarterly profit that beat expectations, showing the big-box retailer remains unfazed by tighter consumer spending.

During visits to Costco stores in northern New Jersey, Oppenheimer analyst Rupesh Parikh said his team “observed behaviors similar to the start of the pandemic.”

Costco Wholesale Corp. is boosting its basic membership fee for the first time since 2017, raising the charge to $65 a year from $60.

Costco Wholesale Corp. may be a latecomer to e-commerce, but consumers love it even more than Amazon.com, according to a customer satisfaction survey released Feb. 26.

Truck body manufacturer Supreme Industries Inc. delivered a lighter weight pilot-project truck to Costco Wholesale Corp. for testing in the retailer’s Fleet of the Future initiative, it said.