Sales at Costco, which relies heavily on customers seeking a treasure hunt-like shopping experience in its cavernous warehouses, have benefited from the return of consumers to its stores following the rollout of the vaccines and the easing of restrictions related to COVID-19.
Demand for high-margin items has been strong in recent months, with the resumption of social events and travel, which has boosted sales at Costco, which does not benefit from the strength of e-commerce enjoyed by big-box retailers like Walmart Inc. and Target Corp.
Total revenue reached $51.90 billion in the second quarter, up from $44.77 billion a year earlier. Analysts on average had expected revenue of $51.47 billion, according to IBES data from Refinitiv.
Net income reached $1.30 billion, or $2.92 per share, in the quarter ended Feb. 13, from $951 million, or $2.14 per share, a year earlier.