In its fiscal second quarter results for 2024, wholesale giant Costco (COST) once again showcased its robust performance, surpassing market expectations. The company reported adjusted earnings per share (EPS) of $3.92, comfortably beating estimates of $3.62. However, revenue slightly fell short of projections, with $58.44 billion compared to the expected $59.04 billion, as per Bloomberg data.

Despite this, Costco's same-store sales, excluding gas and foreign exchange, saw a remarkable growth of 5.8% for the quarter. Notably, the same-store sales growth in the US surpassed expectations at 4.8%, while Canada outperformed with a noteworthy 9% growth. International stores also exhibited strong performance, with same-store sales increasing by a higher-than-expected 8.2%.

Membership fees, a crucial revenue stream for Costco, experienced positive growth, reaching $1.11 billion in the second quarter, up from $1.03 billion in the same period last year. This marks an improvement from Q1, which brought in $1.08 billion. Costco offers Gold Star memberships at $60 per year and Executive Memberships at $120 annually. Analysts had speculated last year that Costco might raise fees during the summer.

The e-commerce sector also proved to be a source of momentum for Costco, with digital sales growing by more than 18% compared to the previous year.

Investors have taken notice of Costco's impressive performance, reflected in its stock price, which has surged by over 60% in comparison to last year. This substantial gain comfortably outpaces the S&P 500's 29% growth.

Costco currently operates 875 warehouses, with 603 locations in the United States and Puerto Rico.

Joe Feldman, Senior Managing Director at Telsey Advisory Group, highlighted Costco as a leading performer, catering to a more affluent consumer base that seeks value. This customer-centric strategy has further augmented the company's success.

While falling slightly short of revenue expectations, Costco's strong Q2 earnings and remarkable same-store sales growth highlight its ability to consistently deliver solid financial performance. The company's ongoing investment in e-commerce also positions it well for continued success.

Costco's Q2 results exhibit its steadfast position in the retail industry, as it continues to excel amidst changing consumer preferences and an increasingly competitive market landscape.

Brooke DiPalma is a senior reporter for Yahoo Finance.