Costco (NASDAQ:NA:COST) Wholesale Corp reported a mostly upbeat quarterly earnings report after the market close on Thursday, although the shine was taken off by a big fall in its gross margins due to soaring freight and labor costs across the United States, In the third quarter, the membership-only retailer saw its gross margins drop by 99 basis points. Costco's total revenue, however, rose by 16% to $52.60 billion in the quarter ended May 8, 2022, compared with estimates of $51.71 billion.