Costco Wholesale reported net sales of $29.2 billion for the five weeks ended July 5. This figure represents a 10.6% increase over the previous year. U.S. comparable-store sales rose 10.6% during the period. Digitally enabled comparable sales grew by nearly 21%.
The company declared a regular quarterly dividend of $1.47 per share. Despite these figures, Costco shares fell approximately 4% to around $913.
Market reaction focused on a deceleration in adjusted comparable sales. Total company comparable sales grew 7% when excluding gasoline prices and foreign exchange. This growth rate slowed from the 8% increase recorded in May. Investors cited concerns regarding the company's growth trajectory and high valuation.