Costco Posts Higher 2Q Profit on Sales Lift
March 05 2020 - 5:04PM
Dow Jones News
By Kimberly Chin
Costco Wholesale Corp. said Thursday profit rose in the fiscal
second quarter, lifted by rising sales, as the warehouse retail
chain saw a boost from consumers stockpiling on items in light of
coronavirus fears.
Net income rose to $931 million during the quarter ended Feb. 16
from $889 million during the same period last year. On a per-share
basis, Costco earned $2.10, compared with $2.01 a year earlier.
Analysts polled by FactSet were expecting reported earnings of
$2.05 a share.
Costco reported total revenue of $39.07 billion, up from $35.4
billion during the same period last year. Analysts were looking for
revenue of $38.21 billion. The retailer's e-commerce sales
increased 28.4% for the quarter.
Comparable sales, those from stores or digital operations open
for at least 12 months, rose 8.9% during the quarter and 7.9% when
excluding the impact of gasoline prices and currency
fluctuations.
The company said it saw an uptick in February sales, which it
attributed to "concerns over the Coronavirus" and estimates a
positive impact on total and comparable sales of about 3%.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
March 05, 2020 16:49 ET (21:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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