News

Costco sales, earnings beat analysts' expectations

June 5, 2017

Don't tell Costco the retail industry is under siege because it won't believe you.

The company posted quarterly sales and earnings besting analysts' expectations.

Store traffic and average spend both jumped in the most recent quarter — with sales increasing by 8 percent, net earnings increasing by 28.4 percent and worldwide comps increasing by 5 percent, according to a Supermarket News report.

Costco leaders attributed more shopping trips and a jump in membership fee revenue as well as an increase in average spend per transaction for the rosy financials, states the report.