STORY: Buchanan said that Costco is positioned toward "the middle to higher-income consumer, which has fared this last four-year cycle relatively well."
He added that the retail giant is "seeing membership growth at right around an 8 to 9% clip. Traffic is stable, and they're able to wring out margins by keeping their costs under control."
Shares of Costco closed up slightly on Wednesday at $862.66.
