Costco Sees Growth in Same-Store, E-Commerce Sales -- Earnings Review
By Aisha Al-Muslim
Costco Wholesale Corp. reported its second-quarter results after the close of trading Wednesday. Here's what you need to know:
PROFIT: Net income for the membership-based warehouse club was $701 million, or $1.59 a share, compared with $515 million, or $1.17 a share, for the same quarter a year earlier. Earnings per share increased 17 cents due to a benefit as a result of the U.S. tax overhaul. Analysts polled by Thomson Reuters were looking for adjusted earnings per share of $1.47.
REVENUE: Total revenue rose 11% to $33 billion, ahead of the consensus forecast of $32.75 billion. Net sales increased 11% to $32.28 billion, up from $29.13 billion.
SAME-STORE SALES: Same-store sales grew 8.4%, ahead of the 7.3% growth forecast from analysts polled by Consensus Metrix. Same-store sales excluding gas inflation and the impact of foreign exchange rose 5.4%, while analysts were expecting an increase of 5.5%.
Same-store sales in the U.S. rose 7.1%, while analysts were expecting an increase of 6.3%. Excluding gas and foreign-exchange impact, same-store sales in the U.S. rose 5.7%, below analysts' expectations of 6%.
E-COMMERCE GROWTH: E-commerce sales for the quarter rose roughly 29%. Excluding gas and foreign exchange impact, e-commerce sales rose 27%.
STOCK MOVE: Shares, which have gained 12% in the last year, fell 1% to $185.29 in after-hours trading.
Write to Aisha Al-Muslim at email@example.com
(END) Dow Jones Newswires
March 07, 2018 17:12 ET (22:12 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.