Costco sold a $ 400,000 call over the last quarter, increasing the same store sales.
Source: Costco's website
Did you know that you can buy diamond rings at Costco? And expensive ones on it.
The warehouse dealer said in the last quarter ended May 12, it got a sales stop thanks to a customer buying one of the $ 400,000 rings. It didn't say which ring, but a search on Costco's website just shows a ring that is priced in the $ 400,000 series: A "Round Brilliant 1
Costco said the same store sales were up 5.6% in the last quarter, excluding gasoline and currency effects. It was better than the 5.48% growth analysts waiting for, based on Refinitive data.
Total revenue increased by 7.4% to $ 34.74 billion, topping estimates of $ 34.71 billion.
However, the Costco shares fell about 2% Friday morning, despite the positive earnings report, as investors fear the impact of additional fees on their business.
"At the end of the day, prices will go up on things," CFO Richard Galanti told analysts at a conference call after earnings. "We want to be the last to raise them. And when prices go down, we'll be the first to lower them."
While people can associate Costco with selling things like bundles of toilet paper and giant boxes of cereal in bulk, members also have access to other services to book holidays and buy cars. Many buyers enjoy the treasure hunting experience Costco's stores offer, as eagle-eyed shoppers can often look at various items there, making it worthwhile to go to shops.
When selling diamond jewelry, Costco has promoted its wedding business for several years. Brides on a budget can buy everything from flowers to sheet cake and invitations there.