Costco’s (COST) fourth quarter results beat estimates on both the top and bottom lines as cheap gas prices likely won over inflation-weary consumers.
For the fiscal fourth quarter, Costco reported adjusted earnings per share of $4.86, higher than Wall Street expectations of $4.78. Revenue also came in higher at $78.94 billion, compared to expectations of $77.72 billion, per Bloomberg data.
The company’s latest earnings, which were reported Tuesday after market close, come as major headwinds like higher gas prices, student loan repayments, and higher interest rates, among others, take a toll on Americans’ wallets.
Same-store sales, including gas and foreign exchange, came in slightly lower than anticipated — up 1.1% compared to estimates of 1.87%. Excluding gas and FX, sales jumped 3.8%, slightly below expectations for 3.92%.
“For F4Q23, we remind investors that Costco’s gas business…
