Why Shares of Costco Stock Zoomed Higher in 2024

Shares of Costco Wholesale (NASDAQ: COST) jumped 38.8% in 2024, according to data from S&P Global Market Intelligence. The famous membership-based retailer had another solid year opening new stores and growing its footprint in the e-commerce market. Now one of the largest companies in the world with a market cap of over $400 billion, Costco is firing on all cylinders and generating annual sales of $260 billion.Here's why the stock was higher yet again in 2024.Costco's retail model gives it a dominant and reinforcing competitive position. With membership-based pricing and bargain prices on bulk items, more and more people around the world are becoming habitual Costco shoppers. Last quarter, Costco's revenue in the fourth quarter (Q4) of 2024 grew 5.7% year over year to $94 billion. The United States business is still doing quite well with 6% revenue growth, which shows the amount of room Costco has to grow as it expands into new markets around the globe.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool