Costco Wholesale Corp (NASDAQ:COST) reported financial results for the second quarter after the market close on Thursday. Here’s a rundown of the report.
Q2 Earnings: Costco reported second-quarter revenue of $62.72 billion, beating the consensus estimate of $63.13 billion. The membership-based retailer reported second-quarter adjusted earnings of $4.02 per share, missing analyst estimates of $4.10 per share, according to Benzinga Pro.
Net sales for the second quarter were up 9.1% year-over-year. Comparable sales in the second quarter were up 8.3% in the U.S., up 4.6% in Canada and up 1.7% in the Other International segment. Total comps climbed 6.8%, and total e-commerce sales increased by 20.9%.
Costco noted that net sales in February totaled $19.81 billion, up 8.8% on a year-over-year basis. Net sales for the first 26 weeks of the year were up 8.3% year-over-year.
Membership fees came in at $1.19 billion, up from $1.11 billion in the prior year’s quarter. Costco raised the price of its annual store membership by five dollars in September 2024, marking the company’s first membership price hike since 2017.
Costco said it operates 897 warehouses, including 617 in the U.S. The company ended the quarter with $12.36 billion in cash and cash equivalents, up from $9.91 billion at the end of the first quarter.
Costco executives will further discuss the quarter on a call with investors and analysts at 5 p.m. ET.
COST Price Action: Costco shares were down 1.08% after-hours, trading at $1,015.50 at the time of publication Thursday, according to Benzinga Pro.
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