Costco Wholesale Corporation (NASDAQ:COST) reported improved December sales figures, suggesting solid spending over the key holiday season and sending its stock higher.
The bulk discount retailer reported net sales of $23.8 billion for the five weeks ended January 1, 2023.
That represented a 7% increase over the $22.24 billion figure reported last year and followed disappointing growth in November.
US sales improved by 6.2% over the five weeks, while sales in Canada rose 4.7% from a year earlier. Other international sales were up 2.5%. Although e-commerce sales fell 6.4%, the decline narrowed from November’s 10.1% drop.
For the 18 weeks ended January 1, sales grew 7.6% to $82.16 billion, with e-commerce sales showing a 4.8% decline.
Shares of Costco were trading 6.5% higher in New York late Friday morning.
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