Costco Wholesale beat Wall Street estimates for first-quarter revenue and profit today, as consumers snapped up affordable essentials and nice-to-have items at its stores ahead of the crucial holiday season.

Retailers as well as dollar chain operators have been able to draw customers across income groups to their stores with the help of attractive offers and seasonal deals, even at a time when surging inflation and a weak labor market has turned shoppers cautious.

Costco’s focus on providing value and leaning on items from its flagship private label, Kirkland Signature, has resonated with its members, who usually remain picky while spending on discretionary items.

“Costco’s latest results are strong and could be a reflection of how consumers are shopping for the holiday season … Shopper

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