Costco stock runs higher after yet another monthly sales gain, helped by digital demand

Costco has said new perks for some members, like extra shopping hours and deals through Instacart, are paying off Costco said total same-store sales were up nearly 6% last month. Costco Wholesale Corp. on Wednesday said it notched an 8% year-over-year sales gain through last month, continuing its streak of sales gains and easing Wall Street's concerns about future growth. Costco shares (COST) gained 1.7% after hours on Wednesday. The membership warehouse retailer said that for the five-week period that ended on Oct. 5, it had sales of $26.58 billion. Total same-store sales were up 5.7% over that period. So-called digitally enabled comparable sales - a new metric that includes all sales made to members that were initiated through a digital device - jumped 26.1%. D.A. Davidson analyst Michael Baker, in a note on Wednesday, said the results were strong despite tougher comparisons. He said that September's same-store sales figure marked a slowdown from results in August. But he said those softer trends were due to a rush of purchases that shoppers made a year prior due to Hurricane Helene and worries about port strikes. Costco's stock, as of the close of trading on Wednesday, was up only 0.6% over the past 12 months, as Wall Street weighs future growth for a retailer that has drawn more shoppers hoping to get a break from inflation. Last month, the chain reported quarterly same-store sales that were up 5.7%, but that figure missed estimates. But the company said new perks for some members, like extra shopping hours and deals through Instacart (CART), were helping. -Bill Peters This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

Costco stock runs higher after yet another monthly sales gain, helped by digital demand

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