Costco Wholesale (NASDAQ: COST) shareholders had a good 2022. Sure, the warehouse retailer's stock was down for the year, losing about 15% through mid-December. Shares looked especially weak following the Dec. 8 earnings report that showed some signs of stress on the business during the key holiday shopping season.

But Costco's returns have edged past the S&P 500 for the year. The business notched some key wins, too, including boosting its membership base and keeping customer traffic climbing even compared to huge growth a year ago.

With that big picture in mind, let's look at where the stock might be headed over the next several years.

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Source Fool.com