Costco Tops Wall Street Estimates With Strong Q1 Earnings, Revenue Growth

Costco exceeded Wall Street's expectations for both earnings per share and revenue in fiscal first quarter. Membership fee revenue is up 8% year-over-year, following a recent fee hike. Net income rose, driven by a 13% surge in e-commerce sales and robust performance in categories such as jewelry, furniture, and luggage. Costco's private label, Kirkland Signature, outpaced overall growth, and the retailer lowered prices on select items. Costco opened seven new clubs in the quarter, planning twenty-nine more this fiscal year, including international locations. Shares are up nearly 50% in 2024.