(Reuters) -Costco Wholesale marginally beat Wall Street expectations for first-quarter revenue on Thursday, as more Americans turned to the membership-only retail chain to shop for everything from food to home furnishings for the holiday season.
Shares of the company were up 1.4% in extended trading.
The retailer, which sells products in larger packs and has bulk offers on items such as bread and eggs for as low as $3, has seen picky consumers turn to its stores to shop for their holiday needs, including home furnishings and jewelry.
The holiday shopping season is shorter in 2024 than previous years, with only 26 days between Thanksgiving and Christmas. The season saw retailers across the United States roll out discounts and promotions as early as October to beat competition and attract finicky customers.
Costco ran pre-Black Friday sales in November, trying to dodge a hit to first-quarter sales growth from the late Thanksgiving weekend this year by offering an LG UltraGear Gaming Monitor for $179, $70 lower than its original price, and JBL headphones for a 30% discount, at $69.99.
The company’s quarterly revenue rose to $62.15 billion, from $57.80 billion a year earlier. Analysts on average were expecting $62.08 billion, according to data compiled by LSEG.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Pooja Desai)
Comments