Adds details on results, background, shares Dec 8 (Reuters) - Costco Wholesale Corp COST.O reported quarterly revenue on Thursday that missed analysts' estimates, with consumers cutting back spending on discretionary items such as jewelry and electronics against the backdrop of decades-high inflation. Costco's total revenue for the first quarter was $54.44 billion, compared with estimates of $54.64 billion, according to Refinitiv IBES data. Retailers Target CorpTGT.N and Dollar Tree IncDLTR.O also said in November that surging inflation and changes in consumer spending were driving down demand for discretionary goods such as toys and electronics.