economy
Costco says it saw 'record-breaking' gas volumes amid rising prices
Costco saw "recording-breaking volumes" of gas sales and said rising fuel prices drove first-time members to its stations.
TL;DR
- Costco experienced record-breaking gas sales volumes in its fiscal third quarter.
- Rising fuel prices amid the war in the Middle East drove customers to seek cheaper gas at Costco.
- The company saw an increase in first-time members attracted by its gas stations.
- Costco reported net sales of $69.15 billion, an 11.6% increase year-over-year.
- Net income for the quarter was $2.19 billion, or $4.93 per share.
- Paid memberships grew by 4.1%, with significant traffic increases on its website and app.
- Costco is submitting tariff refund claims and plans to return these funds to members.
- The company aims to be the first to lower prices and the last to raise them.