(Adds CFO comment in paragraph 3, analyst comment in paragraph 8, details from call in paragraph 11 and shares in paragraph 12) By Anuja Bharat Mistry May 30 (Reuters) - Costco Wholesale beat third-quarter revenue expectations on Thursday, as cash-strapped consumers flocked to its warehouses to grab low-priced discretionary items and groceries. The membership-only retailer saw strong momentum for its fresh foods and bakery items including newly added products lemon blueberry loaf and morning buns, and chocolate chop cookie as consumers grappling with still-high cost of living preferred cooking more meals at home. "As inflation has leveled off, members are returning to purchasing more discretionary items, with growth led by toys, furnishing, lawn and garden supplies as well as health and beauty aids products," CFO Gary Millerchip said on a post-earnings call.
Earlier this month, retail bellwether Walmart beat quarterly estimates and forecast positive annual targets, supported by steady demand for cheaper groceries and expectations of a rebound in demand for non-essentials. Another larger peer Target, however, reported a dour quarter on tepid consumer spending. Costco's total revenue was $58.
52 billion for the quarter ended May 12, compared with analysts' average estimate of $58.07 billion, according to LSEG data. The company also posted a profit of $3.
78 per share, above estimates of $3.70. "In a world where most retailers have suffered from some sort of volatility or pocket o.