While other retailers struggle in the face of inflation, Costco reported a 20.4% net sales increase for the month of June, with analysts suggesting that higher gas prices boosted the retailer in a few ways.
While other retailers struggle in the face of inflation, Costco Wholesale Corp. reported a 20.4% net sales increase for the month of June, with analysts suggesting that higher gas prices boosted the retailer in a few ways.
D.A. Davidson said Costco COST, +1.33% got a 740 basis point benefit from gas inflation, with prices up 57% compared with last year. Net sales for the month totaled $22.78 billion, up 20.4% versus 2021. Ancillary business sales, which includes gas, were up in the high-50% range.UBS notes that the commentary from Costco differed from other retailers like Kohl’s Corp. KSS, +3.22%, which gave a downward revision of its sales expectations last week, and Bed Bath & Beyond Inc. BBBY, -6.
“Looking ahead, we expect consumers to consolidate trips at Costco as food and fuel inflation fears persist. Plus, we note that Costco’s rapid inventory turns and strong sales should help insulate it a bit from inventory challenges discretionary retailers are facing. With a membership fee hike likely still on the horizon later this year, we think its shares have room to move higher from here.
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