Core Insights - Costco reported net sales of $20.89 billion for July, marking an 8.5% increase from $19.26 billion last year [1] - JP Morgan analyst Christopher Horvers raised the price forecast for Costco shares from $1,115 to $1,160, maintaining an Overweight rating [1] Sales Performance - Canada and Other International core comps outperformed expectations, with growth rates of 9.1% versus 5.7% and 7.5% versus 6.4% respectively [2] - U.S. growth was driven by the Northwest, Midwest, and Southeast regions, while Australia, Taiwan, and Mexico led international growth [2] E-commerce and Sales Strategies - E-commerce sales increased by 14.9% excluding foreign exchange impacts, with July's cannibalization headwind easing to 50 basis points [3] - The introduction of extra hours for executive members has contributed approximately a 1.5-point lift to comparable sales [4] Future Expectations - Horvers anticipates that Costco will detail the sales benefits versus operating costs in its fourth-quarter conference call in September, with potential acceleration during peak holiday shopping [5] - July's sales benefited from easier year-over-year comparisons due to past hurricanes and a consumer pause in late July 2024 [5] Market Position and Sales Trends - Non-food sales remained strong despite a two-year low in monthly gold bar growth, with comparison ease expected to continue beyond August [6] - Costco is recognized for its successful entry into every market it has entered, with its club model ranking just behind auto parts as a top-performing retail sector [6]