Costco Wholesale’s Financial Results Top Estimates
Grocery retailer Costco Wholesale (COST) has reported quarterly financial results that beat Wall Street estimates.
The Seattle-based warehouse club reported earnings per share (EPS) of $4.28 U.S., which was ahead of the $4.24 U.S. expected among analysts.
Revenue in the period totaled $63.21 billion U.S., which was slightly ahead of consensus forecasts of $63.19 billion U.S. The company’s sales were up 8% from a year earlier.
Costco’s net income rose to $1.90 billion U.S., up from $1.68 billion U.S. a year earlier. Total comparable sales were up 5.7% on a year-over-year basis.
Management said Costco’s membership fees came in at $1.24 billion U.S., up 11% from $1.12 billion U.S. the previous quarter.
Costco raised the price of its annual store membership by $5 U.S. in September 2024, the company’s first membership price increase since 2017.
Costco added that it currently operates 905 warehouse clubs worldwide, including 624 in the U.S. The company ended the quarter with $13.84 billion U.S. in cash on hand.
Costco’s stock has gained 11% this year to trade at $1,008.74 U.S. per share.
