For the price of a membership, Costco allows customers to shop for low prices in its no-frills, self-service warehouse facilities.
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I'm going out on a limb in saying that people will rediscover buying warehouse style for the next couple years or so. Bulk = the perception of savings. I'm hearing of "Warehouse Store" collectives where people pool together and buy as a group in order to save.
This seems like a good thing for COST.
Levered (after debt-payments) cash flow is poor relative to peers.
90% of COST's cashflow goes to cover debt. (Yahoo finance stats).
WMT, FDO, DLTR, BJ, and even TGT are better able to keep their cash flow on their books.
revenue growth and margins lag behind peers like TGT and the industry as a whole.
from the cash flow statement, it appears that COST's greatest skill
is making money for its creditors, rather than its shareholders.