The group - which published its annual results the day before yesterday - confirms its dominance in the North American wholesale sector. Its like-for-like sales are set to rise by 3% in 2023, a performance similar to that of Walmart and far better than those of Kroger or Target.

The Costco formula - wholesale, low prices and regular turnover - continues to be successful. Over the past decade, sales have grown at an annual rate of 8.7%, and operating profit at an annual rate of 10.2%.

Return on equity is almost twice that of Walmart, and anecdotally three times that of European retailers such as Carrefour or Tesco. This success is all the more astonishing in that it has been achieved with virtually no leverage.

The fiscal year just ended also benefited from a financial result boosted by the rise in interest rates. Costco's $13.7 billion in cash and cash equivalents added $400 million net of interest expense to consolidated earnings.

More generally, the situation illustrates an investment precept already highlighted many times by MarketScreener through its own investment choices: it makes sense, when the circumstances merit it, to accept paying a high valuation multiple.

The Costco steamroller and the enthusiasm it generates among its customers have always been well reflected in its stock market valuation, which over the past ten years has consistently hovered around an average of x30 earnings. But this hasn't stopped the share price from quadrupling over the period!

Will the next decade see the Costco model succeed internationally as well as in North America? The group has 123 stores in Europe and Asia, where its formula has so far triggered the same emulation as in its home market.