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Costco Wholesale Corporation (NASDAQ:COST) shares hit a new 52-week high Thursday morning, reaching $363.67.
The movement came after the warehouse club reported August sales and some full-year sales figures.
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What Happened: Costco reported August sales of $13.56 billion, a 15% year-over-year increase. Fourth-quarter sales were a reported $52.3 billion, a 12.7% year-over-year increase.
Costco also gave a first look at full-year sales of $163.2 billion, up 9.2% from the prior fiscal year.
August sales were up 12.5% in the U.S., 14.6% in Canada and 16.1% in other international markets on a year-over-year basis.
The fourth quarter saw sales rise by double digits year-over-year in both the U.S. (11%) and other international (16.1%) segments, while Canada saw a gain of 9.1%.
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Full-year comparables year over year were up 8.1% for the U.S., 5% higher for Canada, and positive 8.9% for other international.
E-commerce sales were up 101.9% year-over-year in August, up 90.6% in the fourth quarter and 49.5% for the full fiscal year.
Oppenheimer Sizes Up Costco: Oppenheimer analyst Rupesh Parikh maintained an Outperform rating on Costco shares and raised the price target from $380 to $400.
“We look very favorably upon another robust monthly sales delivery from COST,” Parikh said in a Wednesday note.
“We continue to see a strong case for outperformance here and the potential for a special dividend in 2021.”
E-Commerce Strength: Known for its large warehouse size stores, Costco has made an impressive shift to e-commerce growth. The 101.9% increase in August was impressive when compared to the 76.1% and 86.7% year over year increases seen in July and June respectively. Back in May, Costco reported a 108.1% increase for e-commerce sales year over year.
What’s Next: Costco will report fourth-quarter and full fiscal year earnings Sept. 24. The stock was down 3.08% at $347.79 at last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.