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Costco’s (COST) third quarter earnings topped Wall Street estimates as consumers continue to seek value. TD Cowen Senior Research Analyst Oliver Chen joins Morning Brief to break down the retail giant’s earnings and what it signals about consumer spending.
Same-store sales increased the most in five quarters, which Chen says indicates great momentum as Costco continues to provide value. He also notes that Costco has also seen growth in its non-food products, which highlights consumer spending outside of groceries and other essentials — a feat yet to be seen at other retailers like Target (TGT).
Chen explains that while Costco’s valuation may be expensive, "It’s worth it." He points to the membership model, which generates about half of the retailer’s profitability, as a solid source of growth. He also notes that Costco is one of the top jewelry and diamond sellers. He adds, "This company really surprises and delights. And when you go into a Costco, as you know, you find things you never knew you needed or wanted. And that’s part of the magic of Costco."
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