Financial Data and Key Metrics Changes - Net merchandise sales and total revenue reached almost $1.4 billion during the first quarter, with net merchandise sales increasing by 10.6%, or 9.5% in constant currency [6] - Comparable net merchandise sales increased by 8%, or 6.9% in constant currency [6] - Operating income for the first quarter increased by 8% to $62.9 million [26] - Net income for the first quarter was $40.2 million, or $1.29 per diluted share, up from $37.4 million, or $1.21 per diluted share, in the prior year [27] - Adjusted EBITDA for the first quarter was $86.9 million, a growth of 9.8% [27] - Total gross margin remained unchanged at 15.9% of net merchandise sales [25] Business Line Data and Key Metrics Changes - In Central America, net merchandise sales increased by 9.6%, or 9.2% in constant currency, with comparable net merchandise sales up by 5.4% [7] - In the Caribbean, net merchandise sales increased by 5.7%, or 7.8% in constant currency, with comparable net merchandise sales up by 5.6% [8] - In Colombia, net merchandise sales surged by 27.8%, or 15% in constant currency, with comparable net merchandise sales increasing by 27.9%, or 14.7% in constant currency [8] Market Data and Key Metrics Changes - Membership accounts grew by 6.7% year over year to over 2 million accounts, with a strong renewal rate of 89.3% [9] - Digital channel sales reached $89.8 million, up 29.4% year over year, representing 6.6% of total net merchandise sales [18] - Private label sales represented 27% of total merchandise sales, down 70 basis points from the previous year [16] Company Strategy and Development Direction - The company is focusing on expanding its real estate footprint, with plans to open new clubs in the Dominican Republic, Jamaica, and Costa Rica [10][12] - A strategic emphasis is placed on growing Platinum memberships, which now represent 19.3% of total membership, up from 14% [9] - Investments in supply chain transformation and technology are ongoing, including the opening of new distribution centers and the implementation of advanced management platforms [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, citing strong consumer demand and operational execution [5] - The company is monitoring economic factors such as remittance flows and U.S. tariffs, which have not significantly impacted operations to date [21][22] - Management noted that while there are challenges in certain markets, overall consumer demand remains strong [23] Other Important Information - The company is advancing its migration to a new forecasting and replenishment platform, expected to enhance inventory management and sales growth [15] - The company is also enhancing its digital capabilities, with a focus on improving the online shopping experience for members [18] Q&A Session Summary Question: Were the comps positive in Honduras and Panama despite supply chain issues? - Management indicated that there was front-loading of purchasing in Honduras due to elections, and recovery is noted post-election, while Panama is seeing acceptable results [33][34] Question: What factors contribute to Colombia's strong performance? - Management attributed Colombia's strength to favorable currency conditions, a strong local merchandise mix, and effective team operations [35][36] Question: How might increased migration from Venezuela affect Colombia's economy? - Management refrained from speculation but noted strong consumer demand in Colombia and a solid brand position [39] Question: Why did cash in Trinidad increase from $60 million to $80 million? - Management explained that the increase is due to seasonal cash flow variations and ongoing challenges in currency availability [40][41] Question: What insights have been gained from the Chilean market? - Management noted that Chile is competitive and digitalized, with no direct club models present, which presents an opportunity for differentiation [48] Question: How will warehouse and parking expansions impact operations? - Management stated that expansions improve member experience and operational efficiency, although specific regional impacts were not disclosed [51][52]

面对施工难题，项目团队创新采用科学交叉流水施工法，最大化提升施工效率；冲刺阶段更是以"日碰头会+日巡场"的高强度管控模式，精准优化施工组 织与资源配置，保障项目建设稳步推进，高峰单月浇筑面积近万平方米，创下亮眼施工成绩。 日前，广州设计之都嘉禾片区山姆会员店项目主体结构顺利封顶。该项目位于白云新城-嘉禾望岗商务核心区，由白云建科集团下属广州设计之都投资运 营有限公司投资开发建设，是广州市首家绿建三星山姆会员店、白云区首家山姆会员店。根据此前报道，该项目预计2026年年中基本建成，力争2026年底 全面开业。 山姆白云首店项目自启动建设以来备受关注，该项目主体结构划分为六大施工区域，山姆卖场区域地上层高均超9米，且四周配套夹层设计，工序繁琐、 衔接要求极高。 据了解，作为世界500强企业沃尔玛旗下的高端仓储式会员制商店，山姆会员店凭借全球甄选的丰富商品、高品质的消费体验和差异化的经营策略，长期 以来深受广大消费者青睐，在全球已拥有超过800家商店。 山姆白云首店项目选址广州设计之都北扩区嘉禾望岗望岗大道北侧，位于地铁2号线、3号线、14号线三线交汇的黄金区位，交通便利、区位优势显著，项 目总建筑面积约5.4万平 ...

以下文章来源于capitalwatch ，作者宏观分析师 capitalwatch . 我们是一个聚焦全球资本市场的高影响力财经账号。 内容由华尔街交易员与研究员共同撰写，提供市场深度解读、机构级逻辑与实时判断。 这里没有喊 单，没有套路，只有用数据和常识说话的分析。 我们希望把复杂的金融世界，讲给真正关心自己资产的人听。 来源 | capitalwatch 2 年前，这张照片拍摄于好市多（Costco）以每盎司 $2,079 售卖金条的时候。 24 个月后，这根金条的价值已增长超过一倍，数百万人因 2025 年的"刺激"——贵金属行情——而获益。 根据我们的分析，由于此次行情，今年已有数千亿美元被加入美国家庭净资产。接下来会怎样？让我们来解释。 最"显而易见"的牛市： 最明显的交易，无论是回顾还是展望，都是在 2025 年前买入黄金和白银。 能遇到如此"简单"的交易非常罕见。 所谓"简单"，是指一笔交易在很大程度上得到共识并付诸实现，且超出了已然很高的共识预期。 事实上，这笔交易如此"显而易见"，以至于好市多（Costco）在 2024 年每个月都在销售价值 2 亿美元的黄金和白银条。 消费者正持有未实现的 ...

The company is capturing increasing market share from cost-conscious shoppers.There are a few reasons why folks are discussing Costco (COST 0.59%) stock, which I detail in this video.*Stock prices used were the afternoon prices of Dec. 16, 2025. The video was published on Dec. 18, 2025. ...

智通财经APP获悉，近日，Costco(COST.US)召开FY26Q1财报电话会。公司表示，该季度网站流量增长 24%，应用程序流量增长超过 40%。对数字互动的增长势头感到满意。预期随着更多会员进行数字互 动，线上数字化销售长期将继续以快于整体平均销售的速度增长。 Costco表示，零售媒体是一个重要机会，正在构建数据和技术平台以实现大规模个性化，首要目标是提 升会员体验和参与度。公司已在第三方网站、数字电视和加油站泵等渠道尝试媒体活动，早期进展顺 利。公司重点始终是为会员创造更多价值，因此大部分收益将再投资于降低商品价格和提升会员价值。 公司高层指，该季度食品和杂货以及生鲜食品略有通胀，低到中个位数水平。与上个季度相比没有太大 变化，多个因素互相抵消，使得整体通胀水平与过去几个季度基本持平。 该季度公司新开7个门店，目前全球门店总数达923个。国内及国际市场仍存在巨大扩张机遇，正通过创 新方式进入新市场。未来几年有每年开设超过30个新店的计划，国内外市场均衡发展。 在会员方面，公司对结果总体满意，包括新会员、招募的年轻群体、行政会员升级速度均实现提升，总 会员数同比增长超5%。虽然同比增速较过去几年略有 ...

Financial Data and Key Metrics Changes - Net income for Q1 2026 was $2.001 billion, or $4.50 per diluted share, up from $1.798 billion, or $4.04 per diluted share in Q1 2025, reflecting a 13.6% growth excluding discrete tax items [14][15] - Net sales increased by 8.2% to $65.98 billion from $60.99 billion in the previous year, with comparable sales growth of 6.4% [15][16] - Membership fee income rose to $1.329 billion, a 14% increase year-over-year, driven by membership growth and upgrades [16][17] Business Line Data and Key Metrics Changes - Digital sales showed strong growth with digitally enabled comparable sales up 20.5% [15][25] - Fresh sales increased mid to high single digits, with double-digit growth in meat categories [22][23] - Non-foods had comparable sales in the mid-single digits, with significant growth in categories like gold jewelry and health and beauty [23][24] Market Data and Key Metrics Changes - Traffic increased by 3.1% worldwide, and average transaction size rose by 3.2% [15] - The U.S. and Canada renewal rate was 92.2%, slightly down from the previous quarter, while the worldwide rate was 89.7% [17] - Digital engagement metrics showed website traffic up 24% and app traffic up 48% [25][77] Company Strategy and Development Direction - The company plans to open 30+ new warehouses annually in the future, with a total of 921 warehouses worldwide [5][6] - A focus on technology integration aims to enhance member experience and operational efficiency, including AI applications in inventory management [10][56] - The company is committed to maintaining competitive pricing while investing in technology and member services [34][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in consistent sales growth patterns despite some monthly fluctuations due to external factors [39] - The company is optimistic about future warehouse openings and market expansion, particularly in Europe and Asia [84] - Inflation trends remain stable, with mixed impacts across different product categories [27][28] Other Important Information - Capital expenditures for Q1 were approximately $1.53 billion, with an estimated total of $6.5 billion for the fiscal year [20][22] - The company reported record sales in various categories during the holiday season, indicating strong consumer demand [22][26] Q&A Session Summary Question: Observations on Costco's willingness to embrace technology - Management acknowledged a focus on technology and operational efficiency, emphasizing that maintaining low prices for members remains a priority [33][34] Question: Concerns about traffic and the need to invest in price - Management noted consistent member behavior and emphasized the importance of delivering value and quality to maintain membership growth [39][41] Question: Warehouse openings and membership strategies - Management indicated that upcoming openings will include a mix of infill and new market locations, with a focus on driving top-line sales [47][48] Question: Retail media and digital advertising opportunities - Management highlighted the potential of retail media as a growth area while ensuring that value for members remains the primary focus [51][52] Question: AI applications in business - Management expressed excitement about AI's potential to enhance procurement and supply chain efficiency, alongside improving member experiences [56][57] Question: SG&A leverage and productivity dynamics - Management discussed challenges in achieving SG&A leverage due to higher healthcare costs and investments in employee agreements, but noted positive productivity trends [92][93]

Hi Morgan. So this is Costco's fiscal first quarter. They're they're turning in earnings per share of $4.50%.That is better than expectations for 427. Revenues also stronger than expected. This is total revenues inclusive of membership fees 67307 billion.The street was looking for 67.137% billion. Comp sales, we know we still get these from Costco regularly, but total for the quarter up 6.4%. Digitally enabled sales up 20.5%.The company did recently change how they're reporting that number. So, it's going t ...

Sales Performance - Net sales reached $66.0 billion, reflecting an 8.2% growth[4] - Comparable sales increased by 6.4%[4] - Adjusted comparable sales also grew by 6.4%[4] - Digitally-enabled comparable sales surged by 20.5%[4, 16] - Adjusted digitally-enabled comparable sales also increased by 20.5%[4, 16] - US comparable sales increased by 5.9%, Canada by 6.5%, and Other International by 8.8%[8] Financial Highlights - Gross margin was 11.32%, a 4 bps increase compared to Q1 FY'25[9] - SG&A was 9.60%, a 1 bp decrease compared to Q1 FY'25[9] - The company reported a tax benefit of $72 million, or $0.16 per diluted share, related to stock-based compensation[9] Membership Metrics - Membership income grew by 14.0%[11] - The worldwide membership renewal rate was 89.7%, with the US/CN renewal rate at 92.2%[11] - Paid memberships reached 81.4 million, a 5.2% increase[14] - Total cardholders amounted to 145.9 million, a 5.1% increase[14] - Executive memberships totaled 39.7 million, representing 74.3% penetration of sales to executive members[14] Digital Performance - Ecommerce site traffic increased by 24%[18] - Ecommerce average order value grew by 13%[18] Warehouse Expansion - The company plans to increase its total warehouses from 914 to an estimated 942 by the end of FY'26[19]

Core Viewpoint - Costco's stock price has experienced significant pressure, declining from a peak of $1,073 in February to the current price of $887, representing a 17% decrease [1] Summary by Relevant Sections - **Stock Performance** - The stock has dropped by 10.1% over the last 12 months, indicating underperformance compared to market expectations [1]

Aiman Jabver's outside the White House with the story. Aean, this one is very interesting to me. >> Yeah, that's right, Courtney.In the 17page lawsuit that was actually filed Friday against US Customs and Border Protection, Costco said it has to act now because it's facing this December 15th deadline for a final tally of its tariffs this year. And it says that Customs has already denied Costco's request for an extension given that the tariffs are being litigated in the Supreme Court. So the company says fir ...