BofA Sticks With Overweight On Costco, Sees Easing Headwinds Ahead

On Wednesday, Costco Wholesale Corp (NASDAQ:COST) reported net sales of $26.44 billion for the retail month of June, which includes the five-week period ending July 6.

Net sales for the month were up 8% on a year-over-year basis.

The membership-based retailer said total company comparable sales were up 5.8%.

Bank of America (BofA) Securities writes overall, COST's June U.S. core comp came in at +5.5%, slightly below the Street's +6.0% per consensus Metrix, but ahead of buy-side expectations of ~5.0%.

U.S. traffic was +2.8% and total enterprise-wide traffic was +3.4%, while average ticket increased +2.8% YOY (ex-gas deflation and FX).

Also Read: Is Costco’s Winning Streak Built To Last During Economic Turmoil?

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