Why Costco Stock Jumped 11% Last Month
Shares of retail giant Costco Wholesale (NASDAQ: COST) jumped 11.2% during November, according to data provided by S&P Global Market Intelligence. The company reported monthly sales results early in the month and that's all the encouragement that investors needed to send the stock to an all-time high approaching $1,000 per share.
Costco's sales results for October were released on Nov. 6, showing a 7% increase from October 2023. Interestingly, management believes that sales would have been up by an even higher amount. But hurricane preparations in September pulled some sales forward.
While a single-digit increase might not seem like much, Costco is one of the biggest businesses in the world with annual sales in excess of $250 billion. Therefore, gaining even a single percentage point translates to billions of dollars.
Source Fool.com
