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Costco’s sales gains have come on the strength of its essential categories and its value orientation.
Justin Sullivan/Getty Images
Costco Wholesale
stock was little changed in after-hours trading on Wednesday, following the release of the discounter’s August same-store sales and fourth-quarter sales figures.
Costco (ticker: COST) said same-store sales rose 14.5% in August, excluding fluctuations in gasoline and foreign exchange. For the fourth quarter, comparable sales were up 14.1%, easily above of the 9.8% consensus estimate. Digital sales soared 101.6% last month.
Net sales totaled $52.3 billion in the quarter, edging ahead of the $51.9 billion analysts were expecting. E-commerce jumped 91.3%.
The results are more of the same for the company, which has moved from strength to strength in recent months. August figures also came in ahead of recently increased analyst targets.
Investors initially worried that panic buying during the height of pandemic lockdowns would give way to consumer pullback, but that hasn’t shown up at Costco. It has put up double-digit same-store sales growth in recent months, on the strength of its essential categories and its value orientation.
Costco shares were drifting 0.2% lower to $358.20 around 5 p.m. Eastern time, after rising 2.1% in regular trading. The shares are up 22% year to date through Wednesday’s close, double the gain for the
S&P 500.
Write to Teresa Rivas at [email protected]
