Costco exceeded Wall Street's expectations for both earnings per share and revenue in fiscal first quarter. Membership fee revenue is up 8% year-over-year, following a recent fee hike. Net income rose, driven by a 13% surge in e-commerce sales and robust performance in categories such as jewelry, furniture, and luggage. Costco's private label, Kirkland Signature, outpaced overall growth, and the retailer lowered prices on select items. Costco opened seven new clubs in the quarter, planning twenty-nine more this fiscal year, including international locations. Shares are up nearly 50% in 2024.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Costco exceeded Wall Street's expectations for both earnings per share and revenue in
00:06fiscal first quarter.
00:08Membership fees revenue is up over 8% year over year following a recent fee hike.
00:12Net income rose driven by a 13% surge in e-commerce sales and robust performance
00:17in categories such as jewelry, furniture, and luggage.
00:21Costco's private label Kirkland Signature outpaced overall growth
00:25and the retailer lowered prices on select items.
00:27Costco opened seven new clubs in the quarter, planning 29 more this fiscal year,
00:32including international locations.
00:34Shares are up nearly 50% in 2024.
00:37For all things money, visit Benzinga.com slash GSTV.