Costco Wholesale (COST) after the bell Wednesday stated that its gross sales in Could grew 6.8% year-over-year to $20.97 billion, barely slower progress than the 7% that it noticed in April in comparison with April 2024.

The warehouse retailer’s comparable retailer gross sales rose 4.1% within the U.S., 4.3% for the whole firm, and on-line gross sales grew 11.6% in Could. The 5.5% comparable gross sales enhance within the U.S., when excluding the impression of gasoline costs and international alternate charges, got here in under the 6.4% analyst consensus, JPMorgan analysts wrote following the gross sales report.

The analysts wrote that Costco’s gross sales outcomes are consistent with another retailers that talked about in latest earnings reviews that Could gross sales had been weaker than April or March, largely because of climate—together with a cooler-than-normal Memorial Day weekend in elements of the nation. Costco stated it would not sometimes cite climate as an element until there may be an excessive climate occasion, per the analysts.

JPM Says Tariff-Motivated Purchases Seemingly Peaked in March, April

Any large purchases that customers made forward of schedule due to fears that tariffs would elevate costs possible peaked in March and April, as executives stated in final week’s earnings name that they had been seeing few tariff-motivated purchases at this level, in response to the JPM analysts.

The analysts stated Costco’s comparable gross sales progress could possibly be pressured within the subsequent few months as Costco laps the popular sales of its gold bars, which ceaselessly sold out quickly once they had been obtainable. The retailer narrowly beat estimates in its fiscal third-quarter report, as different analysts have stated Costco is well-positioned to navigate the tariff atmosphere.

Costco shares had been little modified shortly forward of markets opening, and are up almost 15% for the reason that begin of the yr however nonetheless slightly below file ranges set in February.