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Costco Wholesale Reports 'Stable' US Comparable Sales Trends in August, Oppenheimer Says

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Costco Wholesale (COST) has reported "stable" US comparable sales trends in August, with its adjusted comp excluding gas increasing about 6.4%, assuming a 75 basis points headwind related to Labor Day weekend shift, Oppenheimer said in a Wednesday note.

Similar to other recent data points, grocery sales softened further with the food and sundries category increasing in the low single-digits compared with low to mid-single-digits in July and mid-single digit type growth earlier in the year, Oppenheimer said.

Looking ahead, Oppenheimer continues to see the potential for a special dividend and/or a stock split, which could represent a positive catalyst for shares, according to the note.

Oppenheimer maintained its outperform rating with a $1,160 price target.

Price: $928.13, Change: $-0.35, Percent Change: -0.04%

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