-+undefined NaN%
-+undefined NaN%
-+undefined NaN%

Investors Load Up on Costco Stock -- WSJ

The Wall Street Journal · 01/06/2023 14:15

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%.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

January 06, 2023 14:15 ET (19:15 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.