Costco Wholesale Corporation COST is proving that its membership model transcends borders as international divisions outpace domestic growth. March comparable sales data highlighted this shift. For the five weeks ended April 5, 2026, comparable sales in Other International markets rose 11.9%, ahead of 10.7% growth in Canada and 8.7% in the United States, supported by rising brand awareness, favorable consumer adoption and ongoing warehouse expansion.
The same trend held even after excluding the impact of gasoline prices and foreign exchange. Other International comparable sales increased 6.6% compared with 5.4% in Canada and 6.2% in the United States. This matters because it shows international strength was not simply the result of currency swings or fuel-related volatility. The growth was supported by underlying business demand.
Costco’s expanding global footprint also supports this narrative. The company now operates 291 warehouses outside the United States and Puerto Rico, including 42 in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan and seven in China.
Taken together, the latest sales data point to international markets not just as a supplementary growth driver but as a meaningful contributor to overall performance, with the potential to shape Costco’s growth profile. We note that overall comparable sales for the retail month of March rose 9.4%.
Costco’s Peer Performance: Walmart & Target
Walmart Inc. WMT reported robust 4.6% comparable sales growth (excluding fuel) in its U.S. division for the fourth quarter of fiscal 2026, fueled by higher transaction counts and unit volumes. Walmart registered a 24% surge in global e-commerce sales and notable market share gains within households earning more than $100,000. Walmart is aggressively investing in agentic commerce and supply-chain automation to maintain its competitive edge.
In contrast, Target Corporation TGT faced a decline of 1.5% in net sales and 2.5% in comparable sales in the fourth quarter of fiscal 2025 but projected a return to growth with a small increase in 2026 comparable sales. To achieve this, Target is focusing on reclaiming its merchandising authority and enhancing its loyalty ecosystem through programs like Target Circle 360. Early indications suggest Target is on the right path, as top-line performance accelerated significantly in February 2026.
What the Latest Metrics Say About Costco
Costco has seen its shares jump 2% in the past year compared with the industry’s growth of 14.7%.
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From a valuation standpoint, Costco's forward 12-month price-to-earnings ratio stands at 46.31, higher than the industry’s ratio of 32.79. Although the premium multiple may appear elevated, investors often view Costco as a high-quality retail operator supported by resilient comparable sales growth, strong membership retention and expanding digital capabilities.
As long as Costco continues to deliver consistent sales growth and strengthen its omnichannel presence, its premium valuation could remain supported by investors seeking stable growth within the retail sector.
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The Zacks Consensus Estimate for Costco’s current financial-year sales and earnings per share implies year-over-year growth of 8.4% and 13%, respectively. For the next fiscal year, the consensus estimate indicates a 7.3% rise in sales and 9.9% growth in earnings.
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Costco currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).