Sam's Club raises starting wage to $15 per hour, Bloomberg reports » 11:4709/1409/14/21
WMT, TGT, COST
Sam's Club is…
Sam's Club is raising its minimum wage to $15 an hour starting September 25 amid a broader effort that will award raises to 34% of staff, Bloomberg's Brendan Case reports, citing a memo by Sam's Club CEO Kath McLay. Team leads at Walmart's (WMT) warehouse retailer will earn at least $19 an hour, up a dollar from before, while personal shoppers, forklift drivers and tire-and-battery technicians will also receive a raise. The move comes amid a tight labor market and the increase will help Sam's Club compete with rivals like Target (TGT) and CostCo (COST). Reference Link
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Costco price target raised to $500 from $425 at Morgan Stanley » 06:4209/0909/09/21
Morgan Stanley analyst…
Morgan Stanley analyst Simeon Gutman raised the firm's price target on Costco to $500 from $425 and keeps an Overweight rating on the shares. He is raising his near-term estimates to account for continued sales momentum and increasing his longer-term estimates to account for higher conviction in the company's ability to compound post COVID, the analyst tells investors. He views Costco as "among the most structurally well positioned retailers in our coverage," Gutman added.
Costco price target raised to $525 from $500 at Jefferies » 09:0809/0209/02/21
Jefferies analyst Stephanie Wissink raised the firm's price target on Costco to $525 from $500 and keeps a Buy rating on the shares after the company reported August comp growth of 14.2% that was up 40 basis points month-over-month. She has raised her Q4 net sales estimate following the monthly report, increased her EPS estimate and raised her FY22 EBITDA forecast, Wissink noted.
Costco reports 'another consistent comp' for August, says DA Davidson » 09:0609/0209/02/21
DA Davidson analyst…
DA Davidson analyst Michael Baker keeps his Neutral rating and $390 price target on Costco after the company's latest same-store sales data. Costco reported another "consistent" month of comps, with 10.1% growth topping his view of 6% and the 8.5% reported in July, the analyst tells investors in a research note, adding that while this is below the double-digit increases seen through May 2021, the trend remains "consistent on a two-year basis". August comp traffic in the U.S. was up 7.5%, which is also better than the 5.8% increase in July and 6.9% increase in June, Baker states.
Costco price target raised to $500 from $480 at Oppenheimer » 08:2909/0209/02/21
Oppenheimer analyst Rupesh Parikh raised the firm's price target on Costco to $500 from $480 and keeps an Outperform rating on the shares. The analyst notes Costco reported a U.S. comp increase of 10.1% in August. Two-year adjusted comp trends accelerated again to +25.2% from +24.2% in July, he adds. Parikh argues that Costco continues to capitalize on strong food at home consumption trends and an ongoing robust consumer spending backdrop for more discretionary purchases. The Club channel remains the "brightest part" of his food retailing/discounter coverage, and he continues to rank Costco as a top pick.
CIBC to become exclusive credit card issuer for Costco Mastercards in Canada » 08:1009/0209/02/21
CM, COST, MA
CIBC (CM) announced that…
CIBC (CM) announced that it has signed a long-term agreement to become the exclusive issuer of Costco (COST) Mastercards in Canada, expected to start in early calendar year 2022. CIBC will also acquire the existing Canadian Costco credit card portfolio, which meets the needs of millions of Canadians and has over $3 billion in outstanding balances. Mastercard (MA) will remain the exclusive payment network for the Costco cobranded credit card in Canada and acceptance in Costco warehouses in Canada. The new CIBC Costco Mastercard will provide valuable rewards for shopping at all Canadian Costco warehouses and at Costco.ca, and will serve as the Costco membership card. It may also be used at merchants worldwide that accept Mastercard. Existing Capital One Costco Mastercard cardholders can continue to use their current card until receiving their new CIBC Costco Mastercard, expected to start in early calendar year 2022. Additional information regarding the card offering and program transition will be available in the coming months. CIBC expects the purchase of the current Costco co-brand credit card portfolio to close and convert to CIBC in early calendar year 2022, subject to customary closing conditions. CIBC will then begin issuing the new CIBC Costco Mastercard to the converted portfolio and take new applications both online and in Costco Canada warehouses.
Costco price target raised to $399 from $364 at Deutsche Bank » 06:4209/0209/02/21
Deutsche Bank analyst…
Deutsche Bank analyst Krisztina Katai raised the firm's price target on Costco to $399 from $364 and keeps a Hold rating on the shares. Solid traffic continues to drive strong results for Costco, Katai tells investors in a research note.
Costco price target raised to $500 from $475 at Baird » 05:0009/0209/02/21
Baird analyst Peter…
Baird analyst Peter Benedict raised the firm's price target on Costco to $500 from $475 and reiterates an Outperform rating on the shares. Sales remain "robust" at Costco with core comps increasing 9.1% in August, Benedict tells investors in a research note. The analyst says the company's fiscal Q4 sales have landed above his model, leading him to increase estimates. The stock "continues to hold considerable appeal as a rare mega-cap staples growth idea," contends Benedict.
Costco reports August SSS, ex-gas/FX, rose 9.4% » 16:3309/0109/01/21
Costco Wholesale Corporation reported net sales of $15.75 billion for the retail month of August, the four weeks ended August 29 ,an increase of 16.2% from $13.56B last year. For the 16-week fourth quarter ended August 29, 2021, the Company reported net sales of $61.4 billion, an increase of 17.4 percent compared to net sales of $52.3 billion during the similar period last year. For the 52-week fiscal year ended August 29, 2021, the Company reported net sales of $192.1 billion, an increase of 17.7 percent from the $163.2 billion during the similar period last year.
Costco to host sales conference call » 15:5509/0109/01/21
Conference call to…
Conference call to discuss August 2021 sales results will be held on September 1 at 4:15 pm. Webcast Link