- May 28, 2026

The Good 🎉 Strong Financial Results:

Net income up 15% YoY to $2.19B ($4.93/share).

Net sales up 11.6% YoY to $69.2B.

Comparable sales up 9.8% (6.6% ex-gas and FX), with digitally enabled comp sales up 21.5%.

Membership Health:

Paid executive memberships up 9.6% YoY; total paid members up 4.1%.

Membership fee income grew 10.7% YoY.

US/Canada renewal rate stable at 92.2%; worldwide at 89.7%.

Traffic & Basket Growth:

Traffic up 2.4% globally; average transaction up 7.3% (4.2% ex-gas/FX).

Gas Business Boom:

Record-breaking gas volumes and positive comps in the high 20s, driving increased member loyalty.

E-Commerce & Digital Progress:

37% increase in site/app traffic.

Personalized product recommendations led to 3x conversion rates.

Same-day delivery growing rapidly; satisfaction rating 4.8/5.

Innovation & New Offerings:

New Kirkland Signature items (energy drinks, ultra filtered milk, etc.).

Strong sales in self-care, wellness, and higher-value items (saunas, massage chairs up ~50%).

AI and Retail Media:

Early but strong triple-digit growth in AI-driven site traffic.

Launch of personalized retail media and partnerships with Google/YouTube.

Strategic Expansion:

4 net new warehouses opened this quarter; 928 worldwide.

Focus on remodeling/expanding high-volume warehouses and parking.

Cost Discipline & Productivity:

SG&A rate improved YoY; technology investments yielding better checkout speed and operating efficiencies.

The Bad 😬 Slowing Membership Growth:

Paid member growth at 4.1%, the lowest in some time (though explained as “normalizing” after COVID/new market booms).

Gross Margin Pressure:

Reported gross margin down 21 bps YoY (mainly due to mix shift and lower margins in fresh/food as prices were reduced).

Core-on-core margins were down 9 bps, largely from strategic price investments in key categories.

Higher Operating Costs:

Transportation costs (from higher gas prices) and healthcare costs were headwinds.

Some operations and central SG&A deleverage due to healthcare and legal settlements.

Inventory & Supply Chain Risks:

Anticipation of inflation in nonfood categories due to higher resin costs.

Monitoring for potential longer-term impact from Middle East shipping disruptions (though current exposure is low).

Limited New Market Expansion:

No recent major international warehouse openings, impacting outsized membership growth seen in past years.

The Ugly 🚩 Tariff and Legal Risks:

Ongoing process to reclaim Section 301 tariffs; refund process could be prolonged and is subject to legal action regarding how refunds are returned to members.

Capacity Constraints:

Some stores at/near capacity; physical space (parking, warehouse size) may limit ability to drive further traffic without continued investment/expansion.

Competitive Pressure:

Walmart and Amazon aggressively improving delivery speeds and capabilities, raising the bar for Costco’s e-commerce and fulfillment.

Ongoing need to evaluate whether to build out in-house delivery capabilitie…

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