Costco Tops Earnings Expectations Despite Slowing Sales Growth
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Costco reported fiscal Q4 earnings and revenue that beat expectations, even as sales remained soft.
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Comparable sales rose just 1.1% overall and 0.2% in the U.S. as customers made more trips but spent less per visit.
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Costco ended the quarter with 71M paid members, up nearly 8% YoY, driven by growth in higher-tier Executive memberships.
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Grocery sales drove growth, while big-ticket discretionary items softened. E-commerce sales fell 0.8% YoY.
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Costco plans to open 10 new warehouses in the next 3 months, ending fiscal year with 23 net new locations.
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