finance
Costco Reports Record Gas Sales in Fiscal Third Quarter
Costco recorded its highest-ever weekly gas volumes in the final five weeks of its fiscal third quarter. The retailer also reported net sales above Wall Street expectations and began filing tariff refund claims.
May 28, 5:38 PM·1m read1 source
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Costco Wholesale reported record gas sales volumes during the final five weeks of its fiscal third quarter, which ended May 10. CEO Ron Vachris said those weeks became the company's top five volume weeks ever as customers sought lower fuel prices amid the war in the Middle East.
The company also stated that first-time members visited its gas stations during the period. Vachris said members who purchase gas typically spend more inside Costco warehouses, which the company expects will increase future loyalty.
6% increase from the prior year. 6%, while digital sales increased nearly 21%. 28 per share, a year earlier. 81 billion analysts had projected. 1% and website and app traffic rose 37%. Top-performing categories included pharmacy, home furnishings, and gold and jewelry.
Vachris said the company has started submitting tariff refund claims following a Supreme Court decision that invalidated some import levies. He stated that approved refunds will arrive on a rolling basis over the coming months and that the funds will be returned to members in some form. "Our goal is to be the first to lower prices and the last to raise them," Vachris said.
