Filed under: Earnings reports, Good news, Consumer experience, Costco Wholesale (COST)

Costco (NASDAQ: COST) had a good quarter, especially given the “death of retail” rumors that have been running around Wall Street. They say that a slowing economy will beat back consumer sales between now and the end of the year.

Costco reported net sales for the 16-week fourth quarter ended Sept. 2, increased 3%, to $20.09 billion from $19.5 billion a year earlier. Net income was $372.4 million, or 83 cents per share, compared to $355.6 million, or 75 cents.

“The thing that Costco has going for them is that they tend to get a little bit more upscale customers,” Rachel Wakefield, who helps manage $1.2 billion for Coldstream Capital Management told Bloomberg. And, that may be what saved the day for the big retailer.

The rich and near-rich may not be feeling the pinch of an economic slowdown yet.

Douglas A. McIntyre is a partner at 24/7 Wall St.

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