Dec 11 (Reuters) – Costco Wholesale beat Wall Street estimates for first-quarter revenue on Thursday, on the back of resilient demand from consumers across income groups amid rising economic uncertainty.
Surging inflation and a weak job market have been pushing shoppers to trade down and hunt for bargains on everything from essentials such as groceries to nice-to-have items like jewelry.
This in turn has helped boost sales at retailers including Costco and Walmart as well as dollar stores.
The company posted quarterly revenue of $67.31 billion, compared with analysts’ estimate of $67.14 billion as per data compiled by LSEG.
Shares of the company were down about 1% after the bell. The stock has fallen about 3% so far this year.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Krishna Chandra Eluri)
