Costco sold a $ 400,000 ring during the last quarter, which boosted sales at the same store.
Source: Costco website
Did you know you can buy diamond rings at Costco? And the expensive ones, to that.
The store retailer said that during its last quarter ended May 12 it received an increase in sales thanks to a customer who bought one of its rings for $ 400,000. He did not say exactly which of the rings, but a search on the Costco website reveals only one ring whose price ranges from $ 400,000: a "Bright Round VS1 Clarity of 10.03 carats, Platinum I Color Diamond Solitaire Ring". The Costco website lists 500 different rings for sale, many of which cost more than $ 50,000.
Costco said sales at the same store rose 5.6% in the last quarter, excluding any effect of gasoline prices and currency fluctuations. That was better than badysts expected of growth of 5.48%, according to Refinitiv data.
Total revenues increased by 7.4% to $ 34.74 billion, exceeding estimates of $ 34.71 billion.
But Costco shares fell about 2% on Friday morning, despite the optimistic earnings report, as investors fear the impact that additional rates could have on their business.
"At the end of the day, prices will go up," finance badyst Richard Galanti told badysts in a post-earnings conference call. "We want to be the last to upload them, and when prices are falling, we want to be the first to lower them."
While people can badociate Costco with the sale of products such as toilet paper packages and giant boxes of bulk cereal, its members also have access to other services to book vacations and buy cars. Many buyers enjoy the treasure-hunting experience offered by Costco stores, as eagle-eyed buyers can often find various items there, which is one of the ways the retailer makes it worthwhile to buy them. to go shopping.
In the sale of diamond jewelry, Costco has promoted his wedding business for several years. Brides on a budget can buy everything from flowers to leaf pie and invitations there.