Arun Sundaram shares his takeaways from Costco (COST) earnings, noting that it is growing topline above its peers. “It’s one of the strongest earnings compounders in our retail coverage,” he says. He thinks the renewal rate for memberships will stabilize, arguing that the churn is coming from younger people who tend to have a higher churn rate across the board. He discusses how executive-tier members are providing the bulk of their revenue and how Costco is trying to grow penetration there.