⁍ Costco Wholesale Corp beat estimates for quarterly profit and revenue.
⁍ Consumers staying at home due to the COVID-19 pandemic bought more.
⁍ Total revenue rose 12.4% to $53.38 billion, exceeding the average expectation of $52.08 billion.
– Americans are spending their stimulus checks more on non-essential purchases, which is good news for Costco. The retailer said Thursday that same-store sales rose 4.2% in the fourth quarter, beating analysts’ estimates of 3.6%, reports Reuters. The chain also raised its full-year earnings forecast, saying it now expects revenue to rise in the low- to mid-single digits.
Source: https://www.reuters.com/article/us-costco-wholesale-results/costco-beats-estimates-on-pandemic-boost-idUSKCN26F3IH