Costco's sales increased 8% year-over-year last month, with online sales surging 26%.
Costco's same-store sales grew nearly 6% in September, demonstrating the effectiveness of new promotions, including exclusive shopping hours for some members and discounts through Instacart.
Costco reported an 8% year-over-year increase in sales last month on Wednesday, continuing its strong performance and allaying Wall Street concerns about future growth momentum. Costco's stock rose 1.7% after the bell on Wednesday.
Costco said sales reached $26.58 billion in the five weeks ending October 5, with same-store sales increasing 5.7% over the same period.
In addition, sales, including all orders placed via digital devices, surged 26.1% over the same period.
International same-store sales (excluding gasoline and foreign exchange) outside the U.S. and Canada grew 7.5%, also beating expectations.
D.A. Davidson analyst Michael Baker said in a report Wednesday that Costco's latest results were solid despite a high base.
He noted that while same-store sales slowed in September compared to August, this was primarily due to a higher base comparison, as consumers rushed to buy ahead of schedule due to Hurricane Helene and concerns about a port strike.
As of Wednesday's close, Costco's stock price had risen only 0.6% in the past year. Wall Street investors are assessing Costco's growth potential amid inflationary pressures.
The company announced last month that same-store sales growth after its listing was 5.7%, which was slightly lower than market expectations, but it said that exclusive offers for some members are taking effect
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