Costco Wholesale Corporation (COST) Tops Profit Estimates by a Penny

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Costco Wholesale Corporation (NASDAQ:COST) reported on its latest quarter late Thursday.

Costco Wholesale Corporation (COST)The company’s adjusted earnings during its fiscal first-quarter of 2018 came in at $1.36 per share, which beat analysts’ expectations by a penny as Wall Street called for earnings of $1.35 per share, according to Zacks Investment Research.

Revenue was slated to come in at $31.52 billion for Costco in its most recent period, which was below what the company raked in–$31.81 billion to finish the year strong.

The quarter was aided by a $41 million (or nine cents per diluted share) tax benefit related to a change in accounting rules for stock-based compensation. A year ago, the company benefited from a non-recurring $51 million (seven cents per share) legal settlement.

Comparable-store sales surged by 10.5% overall, or 7.9% when adjusting for fuel sales and foreign exchange. E-commerce comp sales were also strong, soaring 43.5% overall and 42.1% after adjustments.

Costco has been in a roll in recent months as well as its November same-store sales were better than the previous month by 10.8%. The figure was above Retail Metrics’ consensus estimate of a 7% gain.

Head of Retail Metrics at Costco Ken Perkins said that the jump was the company’s “biggest monthly comp in over six years dating back to September 2011, when it posted a 12% gain.”

The company has 746 warehouses, 518 of which are in the U.S. and Puerto Rico.

COST stock fell 0.3% after hours Thursday.


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