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Costco’s Comparable Store Sales Deliver

publication date: Jun 2, 2024
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Image Source: Costco. 

On May 30, Costco reported solid third quarter results for its fiscal 2024 period ended May 12. Net sales for the quarter increased 9.1% thanks to total company adjusted comparable sales performance of 6.5% and e-commerce growth of 20.7%. We like Costco’s business quite a bit, but shares are trading at quite the lofty earnings multiple (~50 times fiscal 2024 earnings expectations). We’d wait for a meaningful pull back in shares before taking interest in the name.


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