Costco Wholesale Corp.’s first-quarter earnings have beaten Wall Street estimates, sending the company’s shares soaring. The retailer reported a profit of $4.82 billion on revenue of $75.94 billion in its latest quarter, exceeding analyst predictions.
Costco’s sales growth was driven by increased demand for online shopping and private-label products. The company’s same-store sales rose 11.5% year-over-year, outpacing the industry average. The positive earnings report lifted the stock price, with shares closing at $478.99 per unit on May 29.
The strong Q1 results are a sign of Costco’s ongoing success in navigating the retail landscape. With its focus on offering low prices and excellent customer service, the company has built a loyal customer base.
Source: https://www.barrons.com/articles/costco-wholesale-earnings-stock-price-4902b169