Costco 2Q Revenue Misses Estimates Despite E-Commerce Strength
By Ben Glickman
Costco's revenue fell short of estimates in the fiscal second quarter despite booming e-commerce sales.
The big-box retail giant's profit rose to $1.74 billion, or $3.92 a share, for the quarter ended Feb. 18, from $1.47 billion, or $3.30 a share, in the prior-year quarter. Analysts polled by FactSet expected per-share earnings of $3.61.
Revenue rose 5.7% to $58.44 billion, falling short of the $59.11 billion expected by analysts polled by FactSet.
Comparable sales for the quarter were up 5.6% for the company, with a 4.3% increase in the U.S. offsetting higher comparable sales growth in Canada and other international.
E-commerce comparable sales increased 18% in the quarter.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
March 07, 2024 16:51 ET (21:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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