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, reporting fourth-quarter revenue of $95.72 billion, exceeding the $94.86 billion anticipated by Wall Street analysts. The company announced comparable sales growth of 6.7% excluding gas and foreign exchange effects. This resilient purchasing of necessities, driven by consumers seeking discounts amid inflationary pressures, led to increased customer visits to Costco's warehouse stores.