Costco Q3 Earnings Highlights: Revenue Beat, EPS Beat, No Membership Fee Increase Announced
Costco Wholesale Corporation COST | 893.49 893.49 | +0.76% 0.00% Pre |
Retailer Costco Wholesale Corporation (NASDAQ:COST) reported third-quarter financial results after market close Thursday.
Here are the key highlights.
What Happened: Costco reported third-quarter revenue of $58.52 billion, up 9.1% year-over-year. The revenue total beat a Street consensus estimate of $58.07 billion, according to data from Benzinga Pro.
Net sales, which didn't include membership fees, were $57.39 billion, up 9.1% year-over-year.
The company said net sales were positively impacted by 0.5% to 1.0% due to a shift in the fiscal calendar.
Costco reported earnings per share of $3.78 for the third quarter, which beat a Street consensus estimate of $3.70 per share.
Comparable same store sales in the third quarter were:
- U.S.: +6.2%
- Canada: +7.7%
- Other International: +7.7%
- Total Company: +6.6%
- E-Commerce: +20.7%
The company said it currently operates 878 warehouses globally, with 605 in the United States and Puerto Rico as its largest market.
Related Link: Costco Q3 Earnings Preview: Analyst Estimates, Foot Traffic Data, Membership Fee Increase Eyed By Investors
What's Next: The company will hold a conference call at 5 p.m. ET to discuss the results.
Analysts and investors will likely be tuning in to hear more on the company's guidance going forward. A key topic will also likely be plans to increase the membership fee.
Many investors and analysts have been anticipating a membership fee increase since the company last raised the price in 2017. Costco increases the membership fee every five to six years on average.
COST Price: Costco shares are down 2% to $799.50 in after–hours trading, versus a 52-week trading range of $490.94 to $819.50. The stock hit a new 52-week high during Thursday's trading session.
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