Shares in Costco (COST:NASDAQ) hit new all-time highs at $659, taking year-to-date gains to 45.4%. This followed forecast-beating first-quarter results (14 December 2023) from the Washington-headquartered retail giant, as members continue to flock to its warehouses for cheaper groceries and other essentials.

The near-$300 billion cap warehouse membership retailer, which continues to take market share by holding down prices as customers around the globe grapple with stubborn inflation and higher interest rates, reported a 6.1% year-on-year increase in net sales to $56.72 billion and an 8.2% hike in membership fee revenue to $1.08 billion for the quarter ended 26 November. Earnings per share of $3.58 came in ahead of the $3.42 Wall Street scribes were calling for.

Costco, which revealed it sold over $100 million in gold bars in the first quarter and delivered better-than-expected Black Friday and Cyber Monday sales, also delivered an early Christmas present to investors by declaring a $15 per share special dividend, on top of the quarterly dividend already pledged. This special distribution will be dished out on 12 January 2024 to ‘shareholders of record’ at close of business on December 28 2023.

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