Investors Load Up on Costco Stock -- WSJ
By Charley Grant
Costco shoppers keep buying, and the stock is flying.
The retail giant said Thursday that total sales in the five weeks ending Jan 1. Reached $23.8 billion, good for 7% growth from a year earlier. The stock surged about 7% on Friday afternoon, making it the best performer in the S&P 500.
Wall Street analysts expect a slowdown in 2023, according to FactSet. They have penciled in 5.2% comparable sales growth for Costco in the fiscal second quarter, which ends in February. December's results didn't show any sign of that just yet.
Shares are on pace for their best day since March 2020, according to Dow Jones Market Data. Target shares are also rallying, posting a gain of more than 3%.
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(END) Dow Jones Newswires
January 06, 2023 14:15 ET (19:15 GMT)
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