Costco posted fiscal first-quarter net sales of $60.99 billion, a 7.5% increase from the previous year. Comparable sales growth of 5.2% was driven by increased traffic.
The company ended the quarter with nearly 139 million membership cardholders, marking a 7.2% increase over last year, indicating strong customer retention and growth.
CFO Gary Millerchip stated that revenue from the recent membership fee increase doesn’t have much impact yet, with a 92.8% renewal rate among US and Canadian members.
Despite a membership fee increase—the first in 7 years—Costco's steady traffic growth and price reductions have contributed to its impressive sales performance.
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