Costco shares closed at a record today
US wholesale giant Costco continues to benefit from pandemic buying and its cult-like following as same-store sales rose 15.5% y/y compared to 12.1% expected.
Shares are up 11% from the February peak and ticked slightly higher in the after-hours market on the news.
The numbers may not be quite as strong as they appear because sales benefited from a seasonal shift in US labor day and the Moon festival in Asia.
Given that Costco caters to middle and upper-middle incomes, it's not a big surprise that they're doing well.
