Costco posted stronger-than-expected revenue as record gas sales drove traffic |
Costco posted stronger-than-expected revenue as record gas sales drove traffic
The warehouse club's total revenue rose 12% to $70.53 billion, topping expectations, as fuel demand drew new members to its gas stations
Mike Campbell/NurPhoto via Getty Images
Costco $COST Wholesale reported fiscal third-quarter net sales of $69.15 billion on Thursday, up 11.6% from a year earlier, as record gasoline volumes and surging e-commerce drove results above Wall Street expectations.
Total revenue, including membership fees, reached $70.53 billion. Analysts had expected $69.81 billion, according to CNBC. Net income for the quarter rose to $2.19 billion, or $4.93 per diluted share, from $1.90 billion, or $4.28 per........