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As vaccination rates picked up and pandemic-related curbs eased, more consumers stepped back into brick-and-mortar stores to buy supplies boosting sales at Costco, which relies heavily on customers’ treasure-hunt shopping experience at its cavernous warehouses.
Costco, which does not boast the e-commerce strength that retailers like Walmart (NYSE:WMT) Inc and Target Corp (NYSE:TGT) have, also benefited from the resumption of social events and travel that boosted demand for high-margin items like jewelry and apparel.
Total revenue rose to $50.36 billion in the first quarter ended Nov. 21, from $43.21 billion a year earlier. Analysts on average had expected revenue of $49.60 billion, according to IBES data from Refinitiv.
Comparable sales, excluding the impact of fuel and currency fluctuations, jumped 9.8% in the quarter, compared with estimates of an 8.74% rise.
Net income attributable to Costco rose to $1.32 billion, or $2.98 per share, from $1.17 billion, or $2.62 per share, a year earlier.
