Costco reported a 9% increase in revenue for the second quarter, reaching $63.72 billion, up from $58.44 billion last year. Despite this, the company missed earnings expectations. Net sales rose 9.1% to $62.53 billion, and membership fees increased to $1.19 billion from $1.11 billion. The company now has 78.4 million paid memberships and 140.6 million total cardholders. The global membership renewal rate was 90.5%, a slight increase from the previous quarter. Quarterly comparable sales grew by 6.8%, surpassing expectations, with U.S. sales up by 8.3%. E-commerce saw a significant 20.9% increase in comparable sales. However, monthly comparable sales growth slowed from 7.5% in January to 6.5% in February due to extreme weather. Shopping traffic increased by 5.7% year over year. Top sales categories included gold and jewelry, furniture, hardware, and toys, all growing in double digits. Despite inflation, consumer behavior remained consistent, with a focus on quality, value, and newness.
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