Warehouse club operator Costco Wholesale Corp beat quarterly revenue estimates on Thursday, as people stocked up on essentials before hunkering down in their homes to contain the spread of the coronavirus.
FILE PHOTO: People wear masks as they wait to enter a Costco Wholesale store during the outbreak of coronavirus disease in Washington, DC, U.S. April 10, 2020. REUTERS/Joshua Roberts
Costco, like many businesses deemed essential during the coronavirus-led lockdowns, benefited from an unprecedented spike in demand late during March and early April for basic products such as meat and paper towels. Total revenue rose 7.3% to $37.27 billion in the third quarter, beating estimates of $37.13 billion, according to IBES data from Refinitiv.
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