Costco Earnings: COST Stock Slides on Q1 Earnings Miss

COST stock is down more than 2% on Thursday after the bell

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.

Costco Earnings
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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.

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