Costco Posts Higher 2Q Profit, Sales on Pandemic Boost

By Kimberly Chin

Costco Wholesale Corp. said profit and sales rose in the fiscal second quarter as Americans continue to spend more on food, homegoods and fitness products during the Covid-19 pandemic.

The wholesale retail chain made a profit of $951 million for the period ended Feb. 14, up from $931 million in the same quarter a year earlier. Earnings were $2.14 a share, compared with $2.10 a share last year. Analysts polled by FactSet were targeting earnings of $2.45 a share.

Revenue rose to $44.77 billion from $39.07 billion a year earlier. Analysts on average expected $43.7 billion.

Comparable sales, accounting for stores or digital channels operating for at least 12 months, rose 13%, excluding the impact of gasoline sales and currency movements.

Ecommerce sales rose 76% in the quarter from a year ago.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

March 04, 2021 16:38 ET (21:38 GMT)

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