As consumers shift spending away from travel and restaurants, retailers such as Costco, who sell groceries, household essentials, furniture, and electronics, among other things, all in one store, are reaping the rewards. Costco reported better than expected profit and revenue on Thursday. The retailer saw gains online and in store, despite more than two hundred million dollars' worth of coronavirus-related expenses. Costco said it has extended higher wages for its employees through January 3.
Overall online sales jumped about 86% while revenue from memberships, which accounts for most of Costco’s gross margin, rose 7%.