Costco Tops Fourth Quarter Earnings
Sep 27, 2023 By MarketDepth
Costco (COST:NASD) released fourth-quarter earnings stronger than expected with increased membership and revenue. Costco earnings were up 15.7% from same quarter last year and up $.07 from analyst expectations. Same-store sales were up 3.8% from the same period last year.
Costco stock is up over 20% on the year as strong demand for groceries and increased inflation put pressure on family budgets and spending. Analysts were expecting increases to membership fees as prices have held steady for the last while. Costco is the leading brand for bulk groceries as consumers are looking at cost-saving measures to help external pressures.
The company expects continued inflation pressures and increased demand for groceries. Consumers are pushed to at home cooking versus dining out.