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Costco's Q4 test is less about whether sales are still expanding and more about how efficiently that growth reaches shareholders. With Q4 net sales up 11.3% and last quarter's net sales up 11.6%, the top-line backdrop looks firm. But clearing $6.69 in GAAP EPS requires the profit conversion to be strong enough, making margin quality the real swing factor after the Sep 24 close. #CostcoEPSBeatOrMiss