Costco Wholesale reported a 15% increase in net income to $2.19 billion, or $4.93 per share, for its fiscal third quarter ended May 10, up from $1.90 billion a year earlier. Net sales rose 11.6% to $69.15 billion, comparable sales grew 9.8%, and membership fee income climbed 10.7% to $1.37 billion. The company ended the quarter with 82.9 million paid members, a 4.1% increase, while Executive Memberships surged 9.6% to 41.2 million. In May, total company comparable sales accelerated to 12.5%, with U.S. comps up 13.7%, and the company recorded its five highest-volume gas weeks in history. According to data from 24 analysts, the average 12-month price target for Costco stock is $1,103.66, implying a 16% gain, with 16 buy ratings, seven holds, and one sell.
Costco Wholesale CorpCostco reported a 15% net income jump and strong sales growth, with analysts seeing 16% upside.