Costco’s sales rose 11.2% last quarter, and Rick Watson and Jessica Lesesky talk through where that growth is coming from. Costco says members under 40 now make up more than a quarter of the base. Many of them live in apartments and order on their phones, and Costco says delivery orders arrive in under an hour on average.

Rick joined recently and bought a mattress there. Jess isn’t a member because she has nowhere to store bulk paper towels. They get into the executive membership tier, the $4.99 rotisserie chicken Costco supplies from its own Nebraska plant, the $1.50 hot dog, and the return of churros.

The second half covers a proposed class action over tariff refunds, filed by an Illinois member who wants the money paid back to shoppers. Costco booked a one-time gain from refunds this quarter and says it put part of that into lower prices, including on coffee and pepper. Jess thinks Costco handled it better than other retailers did, while Rick suspects some of it went to shareholders.

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