Costco Wholesale Corporation (NASDAQ:COST) reported its latest quarterly earnings results after the bell Wednesday.
The retailer announced net income of $701 million, or $1.59 per diluted share. The figure received a benefit from the recent changes in the U.S. tax code that propelled the figure higher than expected.
Costco earned more than it did a year ago, when it brought in $515 million, or $1.17 per share, while also topping the $1.46 per share that analysts were calling for, according to data compiled by Thomson Reuters. Both of these figures exclude special items.
The company reported revenue of $32.99 billion for the quarter, marking a 10.8% surge compared to the $29.77 billion it brought in during the year-ago quarter. Costco’s comparable sales were higher by 8.4% across the company, or 5.4% when removing the effects of gas, inflation and foreign exchange.
The figure was below analysts’ expectations of a comparable sales gain of 7.1%. Part of the retailer’s continuing success comes from the fact that it’s stuck to its guns of being a membership-based warehouse chain that offers everything from toilet paper to cellphones.
However, Costco still has a long way to go as many of its competitors have been seeking to improve the consumer experience by offering more online shopping options and by adding more delivery options, while also slashing prices to keep up with changing market trends..
COST stock declined nearly 1% after the bell Wednesday.