Costco earnings (NASDAQ:COST) came in below what analysts were calling for during the company’s latest quarter of the current fiscal year, sending COST stock down on the day.
The warehouse club giant said that for its first quarter to start its fiscal 2019, it brought in earnings that reached $767 million, or $1.73 per share. On an adjusted basis when considering non-recurring gains, the company managed to amass a profit of $1.61 per share.
Analysts who were polled by Zacks Investment Research were projecting to bring in earnings of $1.62 per share for the quarter. Costco added that its revenue for the period came in at $35.07 billion, which was stronger than the $34.63 billion that analysts were calling for in the Wall Street consensus estimate, per data compiled by Zacks as well.
The sales figure also marked a surge of roughly 10.3% when compared to the company’s first quarter of the last fiscal year. The multinational chain added that its comparable sales for its latest period were higher by 7.5%, after the exclusion of gas price changes, the impact of foreign currency exchanges and other factors.
COST stock took a hit of about 2.4% after the bell following the company’s quarterly earnings results to kick off its latest fiscal year. The company’s shares were dipping about 0.6% during regular trading hours as it geared up to report on its latest results later on Thursday.