Costco's Earnings Surpass Expectations Amid E-commerce Surge and Discount Demand

Costco exceeded Wall Street's expectations for quarterly earnings and sales, driven by a 13% increase in e-commerce sales and strong demand for items like jewelry, luggage, and furniture. The company's net income rose to $1.80 billion, with revenue reaching $62.15 billion. Despite a recent membership fee hike, Costco's membership revenue grew by nearly 8%, and the company saw increased store and online traffic. Costco's private label brand, Kirkland Signature, outpaced overall business growth, and the retailer plans to open 29 new clubs this fiscal year.