Mandel Ngan | afp | fake images
costco on Thursday missed Wall Street's revenue expectations for its Christmas quarter, despite reporting year-over-year sales growth and strong e-commerce gains.
Shares of the retailer fell about 4% in after-market trading. Shares of the retailer had hit a 52-week high earlier in the day.
The company offered few details about its quarterly performance in a press release, but will hold an investor call at 5 p.m. ET.
Here's what the retailer reported for its fiscal second quarter of 2024 compared to what Wall Street expected, according to a survey of analysts by LSEG, formerly known as Refinitiv:
- Earnings per share: $3.92 vs. $3.62 expected
- Revenue: $58.44 billion vs. $59.16 billion expected
In the three months ended Feb. 18, Costco's net income rose to $1.74 billion, or $3.92 per share, compared with $1.47 billion, or $3.30 per share, a year before.
Costco's revenue for the quarter increased from $55.27 billion in the same period a year ago.
The company's comparable sales 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 US
E-commerce sales grew 18.4% in the quarter compared to a year ago.
Costco has 875 warehouses, including 603 in the United States and Puerto Rico. It also has clubs in about a dozen other countries, including Canada, Mexico, Japan and China.
As of Thursday's close, Costco shares are up nearly 19% since the beginning of the year. The stock hit a 52-week high of $787.08 earlier in the day and closed at $785.59, raising the company's market value to nearly $350 billion.
This is breaking news. Please check for updates.
