Jim Cramer Applauds Costco's Sales Results: 'I Did Not Think It Would Be This Good'

Costco Wholesale Corp COST was featured on Jim Cramer's "Mad Dash" segment Thursday morning.

What Happened: Costco reported net sales of $16.47 billion for the retail month of October, representing an increase of 19.2% from $13.82 billion in the same month last year.

For the nine weeks ended Oct. 31, Costco reported net sales of $35.97 billion, representing an increase of 17.3% from $30.66 billion year-over-year.

See Also: Where Costco Wholesale Stands With Analysts

Cramer's Take: "I did not think it would be this good," Cramer said Thursday.

Cramer believes the sales numbers were positively impacted by the return of Costco's food court following the COVID-19 pandemic.

"The food court is back," he said. "Those of us who go in the food court know that we can really chow down for very little money. The food business is on fire."

Costco's food court offers various meal options that include hot dogs, sandwiches, pizza and more.

Costo is a membership business and the company can raise the membership price anytime they want without losing customers because the membership deal is such a great offering, Cramer said.

"This is extraordinary. I don't even think Costco realized the kind of power it has."

COST Price Action: Costco is making new all-time highs during Thursday's trading session.

The stock was up 2.4% at $514.76 at time of publication.

Photo: Open Grid Scheduler / Grid Engine from Flickr.