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Costco reported earnings Thursday afternoon.

Photo: Ting Shen/Xinhua/Zuma Press

Costco Wholesale Corp. COST 0.49% said revenue increased during its latest quarter as the U.S. economy began to rev up with more people getting vaccinated against Covid 19.

Costco on Thursday said it generated $45.28 billion in revenue for its quarter that ended May 9, up almost 22% from the same period last year. Analysts had predicted the club-store chain would report $43.65 billion in revenue.

Consumer spending has climbed this spring, with demand supported by households that saved funds during pandemic-related lockdowns and consumers who received stimulus checks from the federal government.

Domestic spending at shops, restaurants and online rose almost 11% to roughly $620 billion in March from February, and stayed at that level last month, according to the Commerce Department. Some retailers have faced challenges keeping in-demand items on store shelves amid elevated demand and snarls across global supply chains. Costco earlier said it has faced issues getting products like televisions and computers amid a global shortfall in semiconductors.

Costco’s comparable sales, or those from warehouse stores or websites operating for more than one year, were up 15% in the latest quarter after excluding changes in gasoline prices and currency fluctuations.

The Issaquah, Wash.-based company reported a profit of $1.22 billion for the quarter. That was up from $838 million during the year-earlier quarter and beat the $1.01 billion in net income that analysts were looking for, according to FactSet. Earnings rose to $2.75 a share from $1.89 a share.

Earlier this month, Costco executives said that vaccinated shoppers and employees would no longer need to wear masks, though the company recommended that workers continue to do so.

Other retailers, including Walmart Inc., also eased mask requirements after federal health officials relaxed guidelines about face coverings for Americans who received vaccines.

Costco is one of the biggest and most successful retailers in the country. In this video, WSJ’s Sarah Nassauer dissects the wholesaler’s unique approach to doing business. Photo: Qian Weizhong/ZUMA Press

Write to Micah Maidenberg at micah.maidenberg@wsj.com

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