Costco Wholesale Corporation (NASDAQ:COST) stock is trading relatively flat on Friday.

On Thursday, Costco reported third-quarter results, where it highlighted strong consumer demand, rising digital engagement and record fuel volumes as executives discussed third-quarter performance during the company's latest earnings call.

The warehouse retailer said shoppers continued to prioritize value amid economic uncertainty. Higher fuel prices and geopolitical disruptions influenced spending patterns during the quarter.

Record Fuel Demand

Costco Wholesale’s fuel business set consecutive all-time volume sales records during the quarter as inflationary pressures, elevated gasoline prices and geopolitical tensions in the Middle East drove more consumers to seek lower-cost fuel options.

During the earnings call, Chief Executive Officer Ron Vachris said the final five weeks of the quarter ranked as the five highest-volume fuel weeks in Costco’s history, highlighting growing consumer demand for value amid rising costs at the pump.

Executives linked the surge to elevated gasoline ...