2024-05-31 14:04:44 ET
Summary
- Costco Wholesale Corporation reported strong e-commerce growth of 20.7% driven by lower product prices and increased sales in discretionary items.
- Costco expands partnership with Uber Eats, potentially cross-selling gift cards and groceries to gain more customers.
- We expect Costco to continue to deliver 6% comparable sales growth, with potential for margin expansion and a fair value of $870 per share.
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Costco Q3: Strong E-Commerce Growth Driven By Discretionary Purchases