Shares of Costco Wholesale (COST) fell Tꦆhursday after the company turned in monthly sales growth figures for May that came in below April's year-over-year figures.

Costco's stock was recently down more than 3%. The company after yesterday's closing bell said its sales in May grew 6.8% year-over-year to $20.97 billion, slightly slower than the 7% that it saw in April compared to April 2024.

The warehouse retailer's comparable store sales rose 4.1% in the U.S., 4.3% for the total company, and online sales grew 11.6% in May. The 5.5% comparable sales increase in the U.S., when excluding the impact of gas prices and foreign exchange rates, came in below the 6.4% analyst consensus, JPMorgan analysts wrote.

The analysts wrote that Costco's sales results are in line with some other retailers that mentioned in recent earnings reports that May sales were weaker than April or March, largely due to weather—including a cooler-than-normal Memorial Day weekend in parts of the country. Costco said it doesn't typically cite weather as a factor unless there is an extreme weather event, per the analysts.

JPM Says Tarif🔯f-Motivated Purchases Likely Peaked in March, April

Any big purchases that consumers made ahead of schedule because of fears that tariffs would raise prices likely peaked in March and April, as executives said in last week's earnings call that they were seeing few tariff-motivated purchases at this point, according to the JPM analysts.

The analysts said Costco's comparable sales growth could be pressured in the next few months as Costco laps the 澳洲幸运5官方开奖结果体彩网:popular sales of its gold bars, which frequently 澳洲幸运5官方开奖结果体彩网:sold out quickly when they were available. The retailer narrowly beat 澳洲幸运5官方开奖结果体彩网:estimates in its fiscal 澳洲幸运5官方开奖结果体彩网:third-quarter report, as othe🅺r analysts have said Costco is well-positioned to navigate the tariff environment.

Costco shares are u🌊p more than 10% this year, but remain below 🍎record levels set in February.

This article has been updated since it was first published to reflect new share-price information.