By Davit Kirakosyan

Costco (NASDAQ) shares traded more than 2% lower at the end of the day despite strong Q3 results. The company’s strong performance was driven by high consumer spending and strong fuel offerings, amid rising inflation.

The Q3 EPS was $3.04 higher than the Street estimate (3.03). 16% year-over-year, to $51.61 trillion. This is compared with the Street estimate at $51.71 billion.

Given the company’s average shopper making more than a typical Walmart/Target customer, as well as its efforts to keep gas prices several cents below the national average, its membership revenue grew to $984 million from $901 million in the same quarter last year.

Costco indicated that it is not the time right now to raise prices for its members during its phone call.

Costco’s shares have fallen 18% in the past year.