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How Tariffs Are Changing Up Costco’s Shelves
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By Mark Maurer | WSJ Leadership Institute
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Good morning, CFOs. Costco adjusts its product assortment to keep prices low; Elliott considers IPO for Barnes & Noble; and analyst who was an early skeptic of Enron died at 83.
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Costco has slimmed down its holiday assortment this year. DAVID PAUL MORRIS/BLOOMBERG NEWS
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Costco shelves have a bit more health and beauty products and fewer Christmas trees and toys this holiday season.
The big retailer hasn’t made wholesale changes and plenty of festive fare is still on offer, but it has selectively adjusted its product lineup in an effort to keep prices low for consumers while it navigates tariffs that have hit some holiday goods, my colleague Jennifer Williams reports.
“There are certain items that we just felt like, if we continued to sell them with the impact we’d have seen on tariffs, the value would not have been there for the member,” said Costco Chief Financial Officer Gary Millerchip. “But we still have plenty of Christmas trees, just a smaller range of them.”
What are the implications for shoppers? This means a slimmed-down holiday assortment, with fewer artificial Christmas trees and toys and other festive decorations that are imported and so subject to tariffs. Furniture, home decor and hardware items have also been dialed back, according to the CFO. In their place, the chain’s members will see more health and beauty products, seasonal food and mattresses, as well as indoor saunas.
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Content from our sponsor: Deloitte
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Regulatory Climate May Open Doors for Investment Managers
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What appears to be an updated stance taken by regulators on setting new rules this year will likely position firms to revisit AI adoption, risk management, and new product offerings as they head into 2026. Read More
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📆 Earnings
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Carnival
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Conagra Brands
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Paychex
📈 Economic Indicators
The Bank of Japan announces its monetary policy decision.
The National Association of Realtors reports existing-home sales for November.
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What Else Matters to CFOs
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Meta’s Dublin office building. The IRS says tens of billions of dollars in profits that Meta booked in Ireland should have been taxed in the U.S. PAULO NUNES DOS SANTOS/BLOOMBERG NEWS
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The Internal Revenue Service is mounting a novel attack on Meta Platforms’ international tax maneuvers, seeking $16 billion in a move that extends and intensifies the decadelong fight between the tech company and the federal government.
The IRS says Meta, which owns Facebook and Instagram, booked tens of billions of dollars in profits in Ireland that should have been taxed in the U.S. The company contests that IRS analysis and sued this month in the U.S. Tax Court.
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📰 Other headlines
📈 Earnings wrapup
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$3.6 Billion
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The size of a megafirm that would form if Hogan Lovells merges with one of Wall Street’s oldest law firms, Cadwalader, Wickersham & Taft.
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Where senior finance leaders confront today’s expanding remit. Connect on capital, regulation, technology, and talent—and lead with clarity.
Request Information.
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Marathon Petroleum, the Findlay, Ohio-based downstream and midstream energy company, has hired Maria Khoury as the new executive vice president and chief financial officer, effective Jan. 19. Khoury joins the company from Danaher, where she has served as vice president and biotechnology group finance chief since 2021. Khoury will receive a base salary of $800,000 and an annual bonus with a target of 100% of her base pay. John Quaid, who joined the company in 2014 and has been chief financial officer since January 2024, will remain in a nonexecutive officer role for the transition period.
Beyond Meat, the El Segundo, Calif.-based plant-based protein company, said it notified Yi (Jevy) Luo, the company’s vice president, corporate controller and principal accounting officer, of the termination of his employment. His last working day was Dec. 18 and his last day of employment is Dec. 23. Lubi Kutua, who serves as CFO, treasurer and principal financial officer, will assume the duties of principal accounting officer as the company searches for Luo’s replacement.
—Colin Kellaher contributed to today’s Ledger.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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