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Retailer Costco Wholesale Corporation COST reported second-quarter financial results after the market close Thursday. Here are the key highlights.
What Happened: Costco reported second-quarter net sales of $54.24 billion, up 6.5% year-over-year. The total came in ahead of a Street estimate of $55.54 billion, according to data from Benzinga Pro.
Costco reported second-quarter earnings per share of $3.30, which beat a Street estimate of $3.21.
Membership fees represented $1.03 billion of the company’s second-quarter total compared to $967 million in the year ago period.
The company reported the following adjusted same-store sales in the 12-week period of the second quarter:
- US: +5.8%
- Canada: +9.6%
- Other International: +9.5%
- Total Company: +6.8%
- E-commerce: -8.7%
The company ended the quarter with 848 total stores, consisting of 584 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the united Kingdom, 18 in Korea, 14 in Taiwan, 14 in Australia, four in Spain, two in France, two in China, one in Iceland, one in New Zealand and one in Sweden.
Related Link: Trading Strategies For Costco Stock After Q2 Earnings
What’s Next: Along with the second-quarter results, Costco highlighted the results of its four-week reporting month of February, which ended on Feb. 26, 2023. The second quarter ended on Feb. 12, 2023, so the February results include two weeks from the third quarter.
Costco reported net sales of $17.06 billion in the reporting month of February, up 4.7% year-over-year. The company said a shift of the Lunar New Year positively impacted the February results for the Other International segment.
Adjusted same store sales for the February month were:
- US: +3.5%
- Canada: +7.3%
- Other International: +11.5%
- Total Company: +5.0%
- E-commerce: -10.3%
COST Price Action: Costco shares are down 1.93% to $476.30 in after-hours trading Thursday at the time of writing.
Read Next: Costco Keeps Costs Low For Its Members But Can Q2 Earnings Boost Share Prices For Its Stockholders?
Photo via Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.