Costco sales jump 11%, revenue tops Wall Street expectations
Costco Wholesale reported an 11.6% increase in net sales for its fiscal third quarter, surpassing Wall Street expectations. The company's revenue reached $70.53 billion, driven by a significant rise in digital sales and paid memberships. Costco's performance reflects a growing demand for its value offerings amid economic challenges.
- ▪Costco's net sales for the fiscal third quarter were $69.15 billion, up 11.6% from last year.
- ▪Adjusted comparable sales increased by 6.6%, with digital sales rising nearly 21%.
- ▪The company reported a net income of $2.19 billion, or $4.93 per share, compared to $1.9 billion, or $4.28 per share, the previous year.
Opening excerpt (first ~120 words) tap to expand
Costco Wholesale on Thursday reported an increase in net sales for its fiscal third quarter, beating Wall Street revenue expectations for the period. The company reported net sales of $69.15 billion, up 11.6% from last year. It said adjusted comparable sales were up 6.6% for the quarter, with digital sales up nearly 21%.Shares of the company were largely unchanged in extended trading. Here's how Costco performed in the period ended May 10 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: $4.93 vs. $4.93 expectedRevenue: $70.53 billion vs. $69.81 billion expectedFor the three-month period, Costco reported net income of $2.19 billion, or $4.93 per share, compared with $1.9 billion, or $4.28 per share, the year prior.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at CNBC — Business.
Discussion
0 commentsMore from CNBC — Business
