Costco Wholesale Corp. (NASDAQ: COST) said on Thursday that its sales in the fiscal second quarter came in better than what the analysts had anticipated. The company, however, reported lower than expected earnings in Q4, partly attributed to higher wages amidst the ongoing COVID-19 crisis.
Costco shares tanked close to 1.5% in extended trading on Thursday. The stock is now trading at a per-share price of £226 versus £273 at the start of the year. Learn more about the capital markets.
Costco’s Q2 financial results versus analysts’ estimates
Costco reported £684.33 million of earnings in the second quarter, that translates to £1.54 per share, including £177 million of added pre-tax costs due to the COVID-19 driven increase in wages. The health emergency has so far infected more than 29 million people in the U.S. and caused over half a million deaths.
In the prior quarter (Q1), the chain of retail stores had recorded £880 million of net earnings.
In the comparable quarter of last year, the retailer had posted £669.94 million of net income, or £1.51 per share. Costco valued its sales in Q2 at £31.58 billion, that represents a 14.7% annualised growth. According to FactSet, experts had forecast the company to register £31.48 billion of sales in the recent quarter. Their estimate for GAAP per-share profit stood at £1.76.
In separate news from North America, Canadian theatre company IMAX Corporation also published its quarterly earnings report on Thursday.
Other prominent figures in Costco’s earnings report
Other prominent figures included in Costco’s earnings report on Thursday include a roughly 76% year over year increase in eCommerce sales. Total comparable-sales, the Issaquah-based company added, climbed by 13% in the recent quarter. Costco’s same-store sales registered a 21.5% annualised growth internationally, 13.4% in Canada, and an 11.4% increase in the United States.
In February, as per the American multinational, sales jumped 15% to £10.11 billion. Costco also said on Thursday that its membership fees in Q2 made up £633.96 million of total revenue versus the year-ago figure of £587.19 million.
Costco Wholesale Corp. performed fairly upbeat in the stock market last year with an annual gain of roughly 30%. At the time of writing, the American multinational retailer is valued at £101.69 billion and has a price to earnings ratio of 32.77.
The post Costco Wholesale’s earnings come in lower than expected in Q2 appeared first on Invezz.
from USA – Invezz https://ift.tt/3sNDZGs
Wajeeh Khan
Click here to Join RICH DAD SUMMIT online with ROBERT KIYOSAKI - $1 Training for Passive Income: https://bit.ly/RichDadSummitWealthTraining
0 Comments