Filed under: Earnings reports, Consumer experience, Costco Wholesale (COST)
Shares of warehouse club operator Costco Wholesale Corp. (NASDAQ: COST) are lower this morning, despite posting an increase of 31% in its fiscal second-quarter profit.
For the quarter, the largest U.S. wholesale club reported that its profit surged to $327.9 million, compared with $249.5 million in the same period a year ago. Last-year earnings included $53.4 million related to non-recurring charges. Higher gasoline prices boosted the company’s profit in the quarter and Costco posted earnings of 74 cents per share, which was in line with analysts’ forecasts.
Costco also announced a respectable 12% increase in revenues, to $16.62 billion, up from $14.80 billion a year earlier. Analysts were expecting the company to show $16.85 billion in revenue, according to Thomson Financial.
Continue reading Costco profit jumps 31% on strong gasoline demand
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