Costco Wholesale Corporation (NASDAQ:COST) stock rose about 2% on Thursday as investors responded to strong monthly sales results and a rebound from a key technical support area.
The move came despite weakness in the broader market. The Nasdaq Composite was down 0.90%, while the S&P 500 slipped 0.18%.
Strong May Sales Add Support
Costco reported May net sales of $24.01 billion for the four weeks ended May 31, up 14.5% from $20.97 billion a year earlier. U.S. comparable sales rose 13.7%, while total company comparable sales increased 12.5%.
Digitally enabled comparable sales jumped 21.1%. Excluding gasoline price and foreign exchange impacts, U.S. comparable sales increased 8.7%, and total company comparable sales rose 8.0%.
