Costco (COST 177.79, +3.06) has climbed 1.8% in pre-market after beating expectations for the third quarter. Today's gain puts the stock within ten points of its intraday record of $183.18, which was notched on May 4. Shares have enjoyed a steady uptrend in recent years, outperforming many other retailers who have been suffered due to growth at Amazon (AMZN 995.35, +1.97).
The wholesale retailer reported above-consensus third quarter earnings of $1.40 per share on revenue of $28.86 billion, which increased 7.8% year-over-year, exceeding expectations.
Total comparable sales grew 5.0% with increases across all segments. U.S. sales increased 6.0% to lead the way while Canada sales increased 2.0% and Other International Sales grew 4.0%. Excluding gasoline and the impact of foreign exchange, total comparable sales also increased 5.0%. U.S. sales grew 5.0%, Canada sales rose 3.0%, and Other International sales climbed 6.0%.
Membership fees increased 4.2% year-over-year to $644 million. Costco plans to increase membership fees by $5 on June 1, representing the first fee hike in six years.
Costco had 732 warehouses in operation at the end of the quarter with 510 locations in the United States and Puerto Rico.