Keep an eye on exploding shares of Costco (COST).

Most recently, the company gave investors plenty to like in its latest earnings report. Shoppers spent more at its warehouses, membership fees grew, and online sales climbed. Revenue also came in above Wall Street’s expectations.

Costco reported $95.72 billion in revenue for its fiscal fourth quarter, up 12% from a year earlier. That was about $830 million more than analysts expected.

Some of that growth came from new warehouses. But Costco also sold more at locations that were already open. In the U.S., adjusted comparable sales rose 7.2%, beating the 6.85% growth analysts expected. Comparable sales also increased in Canada and other international markets.

For the company as a whole, comparable sales rose 6.7% when fuel was excluded, ahead of Wall Street’s 6.44% estimate.

Costco’s online business grew, too. Digital comparable sales increased at a double-digit pace during the 16-week quarter. The warehouses remain the heart of the business, but members are also spending more through Costco’s digital channel.In addition, its membership fee revenue jumped 7% to $1.85 billion. Analysts had expected $1.83 billion. That increase is another encouraging sign for Costco. The company depends on members seeing enough value in its prices and products to keep paying for access. The figures provided do not show exactly how much of the fee growth came from new members, renewals, or upgrades, but membership revenue was higher than Wall Street expected.

Sincerely,

Ian Cooper