Costco's Strong January Sales and Digital Membership Growth Reinforce its Investment Narrative

Costco Wholesale reported a 9.3% YoY increase in January net sales to $21.33 billion, with comparable sales and e-commerce volumes rising across regions. Digitally enabled sales growth exceeded 34%, and executive membership upgrades accelerated, reinforcing the company's membership model and expanding online and in-store ecosystems. The performance reinforces near-term catalysts, but bigger questions around warehouse expansion, renewal rates, and valuation multiples remain.