Stockpiling mentions are +13% higher vs. 2019 but significantly lower YoY. Some behavior stickiness, but nowhere near panic levels in 2020.
In addition, Back-to-School Shopping mentions have not normalized to pre-pandemic levels. While these mentions are much higher vs. 2020, they remain ~30% lower vs. 2019.
Long-term, we love this company. We issued a Bullish Costco alert in February 2021 when shares were trading below $375.
Now at all-time highs (above $440), we wouldn’t be surprised to see a near-term correction.