Costco (COST) is slinging a lot of gold bars as prices for the yellow metal continue to surge.
Sales of gold were up “double digits” in the most recent quarter, Costco CFO Gary Millerchip told analysts on its earnings call Thursday evening. Millerchip went on to add that gold was a “meaningful tailwind” to e-commerce sales in the quarter.
Costco began selling gold bars in the fall of 2023. Wells Fargo analysts have estimated Costco is selling $100 million to $200 million in gold bars each month.
The most recent gold performance led to a tongue-in-cheek moment as Costco’s call was nearing its end.
Veteran Evercore ISI analyst Greg Melich asked executives, “Given the nonfood, the success there, … I’m just curious, are there any plans to maybe bring Kirkland Signature into the gold bullion market?”
Kirkland Signature is Costco’s large private-label business.
“No plans at this time,” Costco CEO Ron Vachris said.
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