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Costco’s defensiveness and high renewal rates tend to attract buyers in risk-off environments; historical periods of rising rates have shown staples outperforming more cyclical retailers, supporting a near-term relative upside even if overall market remains volatile.
What happened, with direct paths to the underlying reporting
Costco benefits from a membership-driven, recurring revenue model, with renewal rates above 90%, providing earnings visibility in uncertain macro conditions. The rally reflects demand for defensives as rate-hike fears persist after a hotter May payroll print; COST could gain market share via trade-down while staples stay resilient.
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