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Costco Wholesale beat third quarter revenue expectations as customers continued to flock to the warehouse chain for groceries and discretionary items.
Shares of Costco reached an all-time high Thursday before falling in after hours trading following its quarterly earnings release.
Washington-based Costco modestly beat Wall Street’s expectations. During the third quarter, it generated revenue of $58.52 billion, about $3.78 earnings per share. FactSet analysts estimated the company would report revenue of $58.07 billon, approximately $3.70 earnings per share.
As consumers deal with elevated inflation, high fast food prices and falling grocery prices, Costco stands to benefit. The membership-only retailer saw robust demand for its grocery and baked categories, which include lower prices as well as new product offerings, such as honey buns and lemon blueberry loaf bread.
The company said that its top selling categories included appliances such as toys, lawn and garden items, as well as gold and silver.