Popular Stories

Costco stock falls as retailer’s sales pace slows

Costco Wholesale Corp. late Thursday reported quarterly results and sales that topped Wall Street expectations, but the stock headed lower as same-store sales growth slowed.

Costco COST, +0.96% said it earned $1.3 billion, or $2.92 a share, in the fiscal second quarter, compared with earnings of $951 million, or $2.14 a share, in the year-ago quarter.

Revenue rose to $51.9 billion, from $44.8 billion a year ago.

An earlier-than-usual Lunar New Year holiday this year negatively impacted February’s sales, Costco said.

FactSet consensus called for earnings of $2.76 a share on sales of $51.5 billion.

Fiscal second-quarter same-store sales rose 14.4%, the retailer said, beating FactSect consensus around a 12% rise but a drop from fiscal first quarter’s 14.9% rise.

Shares of Costco lost 1.3% in the extended session, after ending the regular trading day up 1%.

View Article Origin Here

Related Articles

Back to top button