Reported 4 months ago
Costco Wholesale surpassed third-quarter revenue expectations as consumers sought low-priced discretionary items and groceries, resulting in a total revenue of $58.52 billion for the quarter ended May 12, above analysts' estimates. The retailer saw increased demand for fresh foods and bakery items, with CFO Gary Millerchip noting a rebound in purchases of discretionary items like toys and furnishings. Costco's total comparable sales rose 6.5% in the quarter, with ecommerce comparable sales up 20.7%, driven by products like gold and silver bullion. Despite this positive performance, the company's shares fell 1.7% in after-market trading amidst broader market declines.
Source: YAHOO