Costco (COST) posted another bulk-sized quarter as consumers look for wallet-friendly prices on everyday essentials.
On Thursday afternoon, the company reported net sales of $58.52 billion, compared to estimates of $57.98 billion. Its adjusted earnings of $3.78 also beat estimates of $3.70.
“We’re definitely winning in consumables, as we see the food business and dining away from home has softened up a bit,” CEO Ron Vachris, who stepped into the role in January, said on a call with investors.
Same-store sales, excluding fuel, jumped 6.5%, led by its growing international business (up 8.5%), Canada (up 7.4%), and the US (up 6%).
This comes as consumers are looking for value in groceries. In April, grocery prices jumped 1.1% compared to last year but dropped 0.2% compared to March, per the US Bureau of Labor Statistics.
As inflation moderates, consumers are returning to discretionary items…
