Costco (NASDAQ:COST) shares rose 1.3% in premarket trading on Thursday after the warehouse retailer reported September comparable sales growth that exceeded analyst expectations.
The company credited its strong results to increased customer traffic and higher average spending per visit, highlighting steady consumer demand.
Steven Zaccone, an analyst at Citi who maintains a neutral rating on the stock, described the September sales as “an important data point” that helps ease concerns about broader retail softness following recent high-frequency data.
The results indicate that retail trends remain “solid and steady,” Zaccone added.
When excluding the impact of last year’s port strike benefits, Costco’s same-store sales growth showed a slight acceleration compared with August.