financetom
Business
financetom
/
Business
/
Costco beats quarterly sales estimates on steady holiday demand
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Costco beats quarterly sales estimates on steady holiday demand
Dec 12, 2024 1:45 PM

(Reuters) -Costco Wholesale ( COST ) marginally beat Wall Street expectations for first-quarter revenue on Thursday, as more Americans turned to the membership-only retail chain to shop for everything from food to home furnishings for the holiday season.

Shares of the company were up 1.4% in extended trading.

The retailer, which sells products in larger packs and has bulk offers on items such as bread and eggs for as low as $3, has seen picky consumers turn to its stores to shop for their holiday needs, including home furnishings and jewelry.

The holiday shopping season is shorter in 2024 than previous years, with only 26 days between Thanksgiving and Christmas. The season saw retailers across the United States roll out discounts and promotions as early as October to beat competition and attract finicky customers.

Costco ran pre-Black Friday sales in November, trying to dodge a hit to first-quarter sales growth from the late Thanksgiving weekend this year by offering an LG UltraGear Gaming Monitor for $179, $70 lower than its original price, and JBL headphones for a 30% discount, at $69.99.

The company's quarterly revenue rose to $62.15 billion, from $57.80 billion a year earlier. Analysts on average were expecting $62.08 billion, according to data compiled by LSEG.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Once a beacon of stability, Vietnam to name third president in a year
Once a beacon of stability, Vietnam to name third president in a year
Mar 22, 2024
HANOI, March 22 (Reuters) - Communist-ruled Vietnam is seeking its third president in little more than a year after the resignation of Vo Van Thuong, who was only elected last year after the sudden dismissal of his predecessor. With accumulated foreign direct investment higher than its gross domestic product, Vietnam's stability is crucial to multinationals with large operations in the...
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Mar 22, 2024
05:04 AM EDT, 03/22/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it has started the registration stage for a phase 2/3 clinical trial of investigational drug sovleplenib for adult patients with warm antibody autoimmune hemolytic anemia in China. The move follows positive data from the proof-of-concept phase 2 stage of the trial and a consultation with the...
Japan's union group Rengo announces biggest wage hikes on record
Japan's union group Rengo announces biggest wage hikes on record
Mar 22, 2024
TOKYO (Reuters) -Japanese firms have agreed to raise pay by 5.25% this year, the biggest rise under comparable data since 2013, the country's largest union group Rengo confirmed on Friday. The results of the closely-watched wage negotiations are announced in several stages, in which the blue-chip firms are first to wrap up their talks in mid-March. The second announcement on...
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Mar 22, 2024
(Reuters) - Popular investor Cathie Wood's ARK Invest bought nearly 10,000 shares of Reddit ( RDDT ) in the social media platform's strong market debut on Thursday, an email from the asset manager showed. A total of 9,982 shares of the loss-making company was added to ARK Next Generation Internet ETF ( ARKW ) and ARK Fintech Innovation ETF (...
Copyright 2023-2026 - www.financetom.com All Rights Reserved