by Christopher Freeburn | March 6, 2014 9:14 am
Costco (COST) reported weaker-than-expected quarterly earnings, sending Costco stock down about 3% in Thursday pre-market trading.
Costco stock declined after the warehouse retailer posted a second-fiscal-quarter profit of $463 million, down from $547 million in the prior-year period. EPS came in at $1.05. That disappointed analysts who had forecast earnings of $1.16 per share of Costco stock, the Associated Press notes.
For the quarter, Costco said it generated revenue of $26.31 billion, up 6% from $24.87 billion in the year-ago quarter. That was slightly below the $26.72 billion that Wall Street had estimated.
Costco noted that U.S. same-store sales gained 4% during the quarter, while non-U.S. same store sales were flat. Overall, same-store sales gained 3% during the second fiscal quarter.
Last month, Costco reported January same-store sales gains that exceeded analysts’ forecasts despite harsh winter weather across the U.S.
On Wednesday, Costco stock closed at $116.47 a share. Over the past 12 months, Costco stock has gained more than 10%.
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