J.P. Morgan Comments on Costco's January Sales (COST)

J.P. Morgan is out with its report today on Costco's COST January sales. In a note to clients, J.P. Morgan writes, "Costco produced a very impressive core comp of 6.0% in January, which beat our expectations by 200 bps and actually includes a 100-150 bps drag from adverse weather conditions. Said differently, excluding the weather impact, Costco's ~7.3% comp stands as its best single monthly report in 5 years. $6.3 billion in total sales, up 12.0% in January (+ 9.0% ex. Mexico JV). Total SSS up 9.0% – U.S. 4.0%, International 16.0%. Excluding gas inflation & FX, the U.S. comp was up 4.0%, and in local currency, the international SSS rate was 11.0%." Shares of COST are trading pre-market at $71.50, up 0.92% from Wednesday's close.