Consumer health companies and their essential, daily-use products are typically the last to face a demand impact by an economic slowdown, but high interest rates and rental costs are turning consumers more frugal by the day. Haleon, which makes painkillers such as Advil and Panadol, as well as Sensodyne toothpaste, also saw sales for its respiratory products cool off out of peak flu season and adverse effects from "one-off retailer inventory adjustments" for its digestive health products.
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Costco Wholesale topped market estimates for quarterly revenue and profit on Tuesday as consumers flocked to its stores for cheaper groceries and other necessities, helping offset feeble demand for big-ticket discretionary items. The membership-only retailer has driven robust sales growth owing to its ultra-low prices for essential goods and a loyal member base, helping boost its market share despite a tough economic climate. Although demand for discretionary items like sporting goods and houseware has been under pressure, strong sales gains in consumables like fresh foods and candy have helped Costco, while its cheap gas prices attracted more members.
Okta's shares rose 10% after the bell, after the company also raised its annual revenue and adjusted earnings forecast. Okta also recently expanded into the Indian market, and even set up its first innovation center in the Asia-Pacific there as it attempts to capitalize on the growing demand in the region. The company now forecasts annual adjusted earnings between $1.17 to $1.20 per share, from $0.88 to $0.93 per share expected earlier.