Costco Stock Hits New All-Time High After Strong August Sales Report
During the first six months of the COVID-19 pandemic, consumers flocked to Costco Wholesale (NASDAQ: COST). Costco members clearly valued the ability to buy a wide range of food, household essentials, and discretionary items at great prices in a single stop.
Many investors questioned whether the uptick in Costco's sales growth last year was sustainable. Yet despite facing increasingly tough comparisons, Costco has announced a string of phenomenal sales results this year. That streak continued this week, as the warehouse club giant reported incredible sales growth for August, the final month of its 2021 fiscal year.
Costco's adjusted comparable sales (excluding the impact of gasoline price inflation and currency fluctuations) rose 8% in July. That was an impressive result, coming on top of 15.8% adjusted comp sales growth a year earlier.
Source Fool.com
