Costco: May sales up nearly 17% y-o-y

(CercleFinance.com) - On Thursday evening Costco Wholesale reported net sales of over 18.
2 billion dollars for May (four weeks through 29 May), up 16.9% y-o-y.

The warehouse chain's net sales increased by 15.5% LFL (+11.8% excluding the impact of changes in gasoline prices and exchange rates), with growth driven by performance in North America.

Noting that this accelerated growth of 15.5% outperformed the consensus, Jefferies raised its EPS estimate for Costco, confirming its "buy" rating on the stock, along with its target price of 580 dollars.

After closing up 6.7% yesterday, the shares are actually down a fraction (-0.7%) in pre-market trading today.


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