Costco beats quarterly revenue estimates on strong grocery demand
-Costco Wholesale beat third-quarter revenue expectations on Thursday, as cash-strapped consumers flocked to its warehouses to grab low-priced groceries and discretionary items.
With consumers trading down to shop for low-priced goods across product categories, the company also saw steady demand for its low-priced discretionary items.) beat quarterly estimates and forecast positive annual targets, supported by steady demand for cheaper groceries and expectations of a rebound in demand for non-essentials.Costco total revenue of $58.52 billion for the quarter ended May 12, compared with analysts' average estimate of $58.07 billion, according to LSEG data.
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