Costco Wholesale Corporation (COST) announced it beat market expectations for January, driving COST stock up pre-market.
Costco reported net sales of nearly $8 billion for January, up 6% from $7.51 billion during the similar four-week period last year. Sales at stores open at least a year rose 4% during that time.
For the twenty-two weeks ended February 2, 2014, the Company reported net sales of $46.32 billion, an increase of six percent from $43.77 billion during the similar period last year.
COST stock is up 2.7% pre-market.
Costco, which competes with BJ’s Wholesale Club Inc and Wal-Mart Stores Inc’s Sam’s Club, offers everyday items like bananas below supermarket prices, hoping customers will buy other goods as well. It usually prices gasoline lower than competing stations.
COST stock is up 6% from this time last year.