Costco shares hit a record high on Thursday after the retailer reported steady sales growth for May.
The company’s shares rose as much as 2.64 per cent in the morning to reach an all-time high of $202.88.
The move comes after Costco said Wednesday evening that net sales for the four weeks ending June 3 jumped 14.1 per cent to $11.02bn from $9.66bn a year ago. Comparable sales, a key gauge of sales growth at previously opened stores, rose 11.7 per cent during the period
Net sales for first thirty-nine weeks of fiscal 2018 to $103.26bn, up 12.1 per cent year-on-year to $103.26bn. Comparable sales, meanwhile, improved 9.7 per cent during the period.
Costco — which sells everything from paper towels to home appliances in its warehouse stores, to fee-paying members — has built a successful e-commerce operations while trying to weather the negative impact of higher gasoline prices on purchasing power as well as a price war with other retailers.
Shares of the company has increased around 8.3 per cent this year, outperforming rival Walmart, which is down 13.6 per cent in the year to date.
Another retailer is also surging on Thursday on rosy results. Discount store chain Five Below jumped in morning trade, to hit an all-time high of $99.91, after more than doubling its latest quarterly profit. The 22.75 per cent rise is the biggest one-day advance for the company, which went public in 2012.
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