What's Going On With Costco Shares Today?

Zinger Key Points
  • Recently,Costco reported net sales for May that rose 8.1% to $19.64 billion, with 6.4% increase in comparable total sales.
  • General Motors is increasingly using the Costco Auto Program for EVs, CNBC reported.

Costco Wholesale Corporation COST shares are trading flat today. Last week, the company disclosed net sales of $19.64 billion for the retail month of May, up 8.1% Y/Y.

In May, comparable total sales rose by 6.4%, and comparable e-commerce sales grew by 15.3%. The company reported net sales of $186.07 billion (up 6.9% Y/Y), with comparable sales of 5.4% for the first 39 weeks of FY24.

Also, comparable sales (excluding the impacts from changes in gasoline prices and foreign exchange) rose 6.5% in May and 5.5% for the 39 weeks.

In another development, CNBC reported on Friday that General Motors Company GM is increasingly using the Costco Auto Program for EVs as it expands its portfolio from niche vehicles to mass-market segments with vehicles such as the Chevrolet Equinox and Chevrolet Blazer EVs.

“We have a great partnership with Costco, and I’m really bullish on Costco because I like their brand,” the report quoted GM North America President Marissa West.

Costco currently operates 879 warehouses, including 606 in the U.S. and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the U.K., 18 in Korea, 15 in Australia, 14 in Taiwan, seven in China, four in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.

Last month, Costco reported third-quarter FY24 revenue of $58.52 billion (up 9.1% Y/Y), beating a Street consensus estimate of $58.07 billion and EPS of $3.78, surpassing the estimate of $3.70 per share.

Investors can gain exposure to the stock via SPDR Select Sector Fund – Consumer Staples XLP and Fidelity MSCI COnsumer Staples Index ETF FSTA.

Also Read: Costco’ Firing On All Cylinders’: 6 Analysts Size Up Q3, Catalysts Of ‘Membership Fee Hike And Stock Split’

Price Action: COST shares are up 0.11% at $846.48 at the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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