Costco says it saw ‘record-breaking’ gas volumes amid rising prices
Record gasoline volumes and stronger sales show members are trading up for Costco’s lower-priced fuel and value offerings.
- Costco CEO Ron Vachris reported that the final five weeks of the quarter ending May 10 were the company's top five fuel-volume weeks ever as customers sought cheaper gas amid the war in the Middle East.
- Vachris emphasized the company's commitment to providing quality goods at the lowest possible price, a strategy that drove a 4.1% increase in paid memberships and a 37% surge in digital engagement this quarter.
- Adjusted comparable sales rose 6.6% for the quarter with digital sales up nearly 21%, while earnings per share reached $4.93, beating Wall Street expectations.
- On Thursday, Vachris said Costco began submitting tariff refund claims following a Supreme Court decision, with the retailer planning to return these funds to members "in some form."
- Attracting first-time members to gas stations remains central to the strategy, as Vachris noted these customers typically spend more within the warehouse, driving expected loyalty gains.
47 Articles
47 Articles
What happened: The multinational Costco reported a historic fuel consumption at its filling stations during the third quarter. Why it matters: The increase responds directly to drivers’ quest for savings in the face of the global energy crisis. The key fact: The company’s net sales grew by 11.6% driven by new members attracted by their prices. Massive fuel consumption drives Costco’s revenues Geopolitical tensions with Iran and conflicts in the …
Costco says Americans are panic-buying one thing again—and it’s not toilet paper
With gas prices soaring, Americans looking to save at the pump are flocking to Costco in droves. In its latest quarterly earnings report, the budget-friendly retailer described a “record-breaking” volume of sales in its gasoline business. Costco operates its own pumps attached to its retail locations, which members who pay $65 annually can use to fill up. Like the food and goods inside Costco warehouses, the company’s fuel prices aggressively u…
Costco says its gas stations set all-time volume records as consumers seek lower-priced fuel
Costco's gas stations saw a surge in demand in the most recent quarter as consumers sought out its low-priced gasoline, which helped the company top the market expectations for its third-quarter sales.Costco CEO Ron Vachris noted the "backdrop of ongoing macro uncertainty" has consumers searching out affordable options given the pressure on household budgets, which helped attract members to its gas stations."Nowhere has this been more apparent i…
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