Costco is doing well while other retailers cut estimates and bemoan the current state of retail, according to Bloomberg:
Costco shoppers, who might pick up a $1,270 strand of cultured pearls while buying cases of seltzer, spent more even as costs for housing, fuel and food rose. Customers also purchased iPods, digital cameras and prepared food.
“The thing that Costco has going for them is that they tend to get a little bit more upscale customers,” Rachel Wakefield, who helps manage $1.2 billion for Coldstream Capital Management, including Costco shares, said Oct. 1.
We wonder if people aren’t switching to Costco in an attempt to save a little money? Nah. It’s just that (according to this photo we found on Flickr), they sell delicious Mexican Coca-Cola by the case. Yum.
Costco Profit Rises on Flat TV Screens, Prepared Food (Update2) [Bloomberg]