Costco Wholesale Corporation: June Trends In-Line; Key Mgmt Takes; BBY Lateral

研报英文原文证据摘录

Costco Wholesale Corporation: June Trends In-Line; Key Mgmt Takes; BBY Lateral

J P M O R G A N North America Equity Research

08 July 2026

Costco Wholesale Corporation Overweight

COST, COST US

June Trends In-Line; Key Mgmt Takes; BBY Lateral Price (08 Jul 26):$953.13

▼Price Target (Dec-26):$1,100.00

Prior (Dec-26):$1,110.00

Strong/in-line US core comps. Overall, U.S. core comp came in at a strong +7.6%,

essentially in-line with the Street’s +7.8% per Consensus Metrix. Both U.S. and total Retailing – Broadlines & Hardlines /

Leisureenterprise-wide traffic sequentially declined to +3.2%, respectively, from +3.7% and

+3.9%, respectively in May, with management noting that some of the moderation Christopher Horvers, CFA AC

could have been related to gas-driven club traffic moderating. Average ticket was up (1-212) 622-1316

christopher.horvers@jpmorgan.com

+3.7% YOY (ex-gas deflation and FX). Canada core comps came in above the Street

at +4.9% (vs. +4.5% consensus), while Other International came in at +5.6% (vs. Christian Carlino, CFA

(1-212) 622-9145

Street +7.5%). Comp ex. all gas sales and FX impact was +7.0%. The best-performing christian.carlino@jpmorgan.com

regions in the U.S. were the Midwest, Southeast, and Northeast (the former two

Jolie Wasserman

regions, along with TX, reflecting more new store opens in the past few years with (1-212) 622-1961

these regions set to sustainably outperform, as a result). International was led by jolie.wasserman@jpmchase.com

Taiwan, the UK, and Korea. The cannibalization headwind in June was 50 bps (vs. 60 J.P. Morgan Securities LLC

bps in May and 40 bps in April and March). Digitally enabled comps were +21.5%

ex-FX.

Quarterly Forecasts (FYE Aug)

Key management takeaways/conclusions: (1) Overall strong, as expected, and Adj. EPS ($)