No Stopping This Top-Line; But a Bit Slower in June...

研报英文原文证据摘录

No Stopping This Top-Line; But a Bit Slower in June...

Broadlines & Hardlines

Mass Merchants - Market Weight

COSTCO WHOLESALE CORPORATION (COST) July 8, 2026

No Stopping This Top-Line; But a Bit Slower in June... Rating:

Peer Perform

The Wolfe Byte Price: $953.13

Costco's June US SSS came in a bit light of expectations that were 8%+ but they Price Target:

still remain one of the fastest comp growth stories in our coverage. Traffic also NA

remains strong at +LSD and has rebounded since the start of the year. View COST Model

View Comp Table

With the membership growth rate slowing in recent quarters and core-on-core Company Information

margin compares difficult we are getting more questions about Costco entering 52-Week Range $850 - $1,094

Market Cap. (MM) $422,693

a phase of normalization. With the stock trading at 43x the expectations remain Enterprise Value (MM) $411,836

very high here. Shares Out. (MM) 443.5

Avg. Value Traded (MM) $1,847.90

(-/=) US SSS (ex-fuel) of +7.6% Misses Consensus & Slows on a 2-Yr. Costco SI% of Float 1.8%

US SSS (Ex-Fuel) increased +7.6% and consensus at +7.8% (most investors were Price Performance

expecting >8%). The 2-Yr decelerated by -110bps to +13.1% in June vs +14.2% in YTD LTM

May. Pulling through the 2-Yr from June implies July US SSS (ex-fuel) of >6%, a step COST 10% (3)%

down from our June expectations of >7%. S&P 500 9% 25%

(=/-) Traffic Remains Very Strong at Costco +LSD But a Little Softer Sequentially. 1,150

1,100

June's US Comp Traffic increased +3.2% vs +3.7% in May, and decelerated on a 2- 1,050

Yr basis by -50bps. If you average the traffic for the last 3 months, it is now in the 1,000

mid-3% range versus up low-2% in the first 3 months of the year, but still lower than 950

the +4.0% avg for 2025. 900850