The warehouse club was helped by an increase in its annual membership fee.on Thursday beat Wall Street's quarterly earnings and sales estimates, as it got a boost in part from higher membership fees.Here's how the warehouse club did for the fiscal first quarter compared to what Wall Street expected, according to a survey of analysts by LSEG:In the three-month period that ended Nov. 24, Costco's net income rose to $1.80 billion, or 4.04 per share, from $1.59 billion, or $3.
Costco has benefitted from its reputation for selling bulk items at better value, as U.S. households feel the cumulative effect of higher food and housing prices. The membership-based club also hiked itsfor the first time in about seven years. The quarterly results are the first Costco has reported since that fee increase took effect in September.Comparable sales for the company increased by 5.2% year over year. In the U.S., comparable sales rose 5.2%, as well.
As of Thursday's close, share of Costco are up nearly 50% so far this year, surpassing the 27% gains of the S&P 500 during the same time period. Shares closed at $988.39 on Thursday.How Google's quantum computing breakthrough could be good news for Honeywell