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Bloomberg
Costco Wholesale Corp topped Wall Street’s profit expectations during the first quarter amid continued high demand for food and supplies, even as the warehouse chain said pandemic-related costs remain elevated.
Profit climbed to $2.62 a share in the period ended on November 22, the company said.
Analysts had expected $2.06 on average, according to estimates compiled by Bloomberg.
Costco has seen steady demand as consumers stock up on bulk food, along with electronics and goods for the home.
Despite signs the pantry-loading trend may wane with a Covid vaccine, the pandemic has been a boon for large retailers and warehouse clubs, including Costco, that carry quarantine-friendly items such as shelf-stable canned goods and rice.
Sales from membership fees climbed 7.1% in the quarter.