Warehouse club Costco Wholesale (COST) has reported mixed financial results for this year’s first quarter.
The grocery retailer posted earnings per share (EPS) of $4.93 U.S., which matched the consensus expectations of Wall Street.
Revenue in the latest quarter totaled $70.53 billion U.S., which was a little ahead of the $69.81 billion U.S. expected among analysts. Sales were up 12% from a year earlier.
Despite the uneven results, management at Costco said they are seeing “record-breaking volumes” for gas sales as fuel prices rise due to the war in Iran.
The company added that first-time members are coming to Costco specifically for its gas stations.
Gas sales helped drive comparable sales growth of 6.6%, with digital sales up nearly 21% year-over-year during the reporting period.
As for its paid memberships, Costco said they grew 4.1% for the quarter, along with a 37% increase in traffic to its website and app.
Top sales categories include pharmacy, home furnishings, and gold and jewelry.
On its earnings call with analysts and media, Costco executives said they have submitted tariff refund claims and expect to receive refund payments over the next few months.
The retailer previously said it would lower its prices if it received tariff refunds following the U.S. Supreme Court decision that struck down Trump’s import duties earlier this year.
COST stock has risen 16% this year to trade at $995.20 U.S. per share.
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