Costco misses holiday-quarter revenue expectations despite online growth

Mandel Ngan | Afp | Getty Images

Costco on Thursday missed Wall Street’s revenue expectations for its holiday quarter, despite reporting year-over-year sales growth and strong e-commerce gains.

Shares of the retailer fell about 4% in aftermarket trading. The retailer’s stock had hit a 52-week high earlier in the day.

Here’s what the retailer reported for its fiscal second quarter of 2024 compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: $3.92. That may not be comparable to $3.62 expected
  • Revenue: $58.44 billion vs. $59.16 billion expected

In the three-month period that ended Feb. 18, Costco’s net income rose to $1.74 billion, or $3.92 per share, compared to $1.47 billion, or $3.30 per share, a year earlier.

Costco’s revenue for the quarter increased from $55.27 billion in the year-ago period.

Comparable sales for the company increased 5.6% year over year and 4.3% in the U.S. Excluding changes in gas prices and foreign currency, the metric increased 5.8% overall and 4.8% in the U.S.

E-commerce sales grew 18.4% in the quarter compared with the year earlier.

As of Thursday’s close, Costco shares have risen nearly 19% since the start of the year. The stock touched a 52-week high of $787.08 earlier in the day and closed at $785.59, bringing the company’s market value to nearly $350 billion.

This is breaking news. Please check back for updates.

Source link

About The Author

Scroll to Top