Why Costco Stock Jumped Today
Shares of Costco Wholesale (NASDAQ: COST) climbed 6.6% on Friday after the warehouse retailer delivered better-than-expected revenue and profit growth in its fiscal 2022 first quarter.
Costco's net sales surged 16.7% year over year to $49.42 billion, fueled by store openings and robust same-store sales growth. The discount chain's store count expanded to 828 warehouses, up from 803 in the year-ago period.
Meanwhile, Costco's comparable sales, adjusted to exclude fluctuations in gasoline prices and foreign exchange rates, rose 9.8%. The gains were driven by a 6.8% increase in traffic and a 2.5% rise in average transaction price.
Source Fool.com
