Costco 3Q Revenue Higher as Consumers Keep Buying in Bulk
By Denny Jacob
Costco Wholesale revenue grew in the latest quarter, signaling consumers are still buying in bulk as inflation's toll on their wallets continues.
The warehouse retailer logged net income of $1.3 billion, or $2.93 a share, for the third-quarter ended May 7, down from $1.35 billion, or $3.04 a share, a year earlier. Analysts polled by FactSet expected $3.29 a share.
Revenue rose to $53.65 billion from $52.6 billion. Analysts polled by FactSet expected $54.53 billion.
Comparable sales, representing those from stores and digital channels operating for at least 12 months, ticked up 0.3% in the quarter compared with the same period last year. E-commerce sales declined 10% during the same period.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 25, 2023 16:53 ET (20:53 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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