Costco Stock Rises on April Sales Boost, Linked to Strait of Hormuz
Costco's stock is benefiting from a jump in April sales, driven by increased fuel purchases as high gas prices, influenced by events in the Strait of Hormuz, lead more drivers to fill up at warehouse clubs. The company saw a 3% increase in comparable fuel sales last month.
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Costco is a big winner of the gas price chaos
Dominick Reuter/Business Insider Average gas prices above $4.50 a gallon are prompting more drivers to fill up at warehouse clubs like Costco. The company saw a 3% boost in comparable fuel sales last month. Increased traffic at the pump can also draw customers into the store, where sales are up. A rising tide may lift all boats, but rising gas prices only lift a few. Costco is increasingly looking like a winner during this round of high fuel costs as US consumers look for ways to balance th...
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