Gordon Haskett remains constructive on Costco following June 2026 sales report

Gordon Haskett analyst Chuck Grom reiterated a Buy rating and $1,200 price target on Costco Wholesale (NASDAQ: COST), according to a press release statement.

Costco reported June same-store sales growth of 7.0% on the core, below Grom's forecast of 8.0% and slightly under the Street estimate of 7.3%. On a two-year stack, same-store sales stood at 13.2%, slowing 80 basis points from May's 14.0% and below the 12-month average of 14.2%.

Two-year traffic decelerated both in the U.S. and worldwide, with domestic traffic compressing 70 basis points to 6.0%. Grom noted this was the weakest reading since November. Management confirmed the gas price effect has diminished as prices retreated, though gas gallons still rose in the high single digits year over year.

The weekly sales cadence was relatively consistent throughout the month. Costco dismissed any impact from the heat dome or July 4th on sales, though it noted losing a Saturday compared to a Friday the prior year had a sub-30 basis point impact. The shift of Amazon Prime Days to June had a minimal effect on e-commerce, which grew approximately 21.0% in both May and June.

By category, Majors and Consumer Electronics was a strong area, with inflation returning to some SKUs and continued strength in appliances. Egg sales remained weak due to a significant year-over-year decline in prices.

Grom said his current forecast of 4.0% growth for July and August appears approximately 200 basis points conservative. Costco shares closed at $953.13.

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