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Shares in Costco Fall Six Percent

After the retailer reported a decline in quarterly gross margins, shares in Costco reportedly fell six percent on Friday. A day earlier, the grocery chain announced that it had rolled out two grocery delivery services this week, a new step in its efforts to fight competition from Amazon and Wal-Mart. According to Costco's Chief Financial Officer Richard Galanti, the retailer will offer two-day delivery of groceries as well as a same-day delivery service. Two-day delivery will be free for online orders over $75 across the United States, while the same-day service is available at 376 U.S. stores.
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