Costco’s intangible assets continue to drive customers to all channels, reinforcing its position.
Costco reported second-quarter results that showed its wide moat is fully intact, with comparable-store sales up 8.4% (3.7% traffic and 4.7% ticket) on top of a 3% increase last year. Unlike peers, Costco also boasted 20 basis points of operating margin expansion to 3.0%. Despite the noise resulting from a Thanksgiving shift, results are tracking mildly better than our full-year estimates of 5.5% comparable sales growth and a flat operating margin of 3.3%. Combining this with a slightly lower ta...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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