Key facts
- Costco's fourth-quarter revenue exceeded Wall Street estimates.
- Shoppers' demand for essential goods remained strong despite high inflation.
- Increased foot traffic to Costco warehouses contributed to the sales beat.
Costco Wholesale surpassed quarterly revenue expectations on Thursday, driven by sustained consumer demand for essential items amid persistent inflation. The company announced fourth-quarter revenue of $95.72 billion, exceeding the $94.86 billion anticipated by Wall Street analysts. This resilient purchasing of necessities led to increased customer visits to Costco's warehouse stores.