Costco on Tuesday reported that its revenue came in below Wall Street’s expectations, at $77.43 billion, buoyed by membership growth and stronger sales in the grocery category.
The average transaction at Costco was down 4.5% among US shoppers, “impacted in large part from weakness in bigger ticket nonfood discretionary items, as well as the gas price deflation,” Galanti said.
The number of cardholders was up 7.6% from last year’s period, to 127.9 million, while household members — where people who live at the same address as the primary accountholder is gifted a free membership card — was up 7.9% from last year’s period, to 71 million paid households.
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