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Investing.com -- Costco shares gained 1.3% in premarket trading on Thursday after the warehouse club reported September comparable sales growth that beat analyst estimates.
The company’s strong performance was driven by increases in both foot traffic and the amount spent per customer.
Citi analyst Steven Zaccone, who maintains a neutral rating on the stock, called the September sales "an important data point" that helps calm concerns about broader retail weakness following high frequency data.
The results suggest retail trends remain "solid and steady," according to Zaccone.
When excluding last year’s benefits from port strikes, Costco’s same-store sales growth showed a modest acceleration compared to August.
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