Costco keeps churning out double-digit sales growth
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Costco Wholesale Corporation (NASDAQ:COST) reported comparable sales growth of 14.9% in FQ3 to top the consensus mark of +11.5%. Comparable sales rose 10.8% during the quarter after excluding the impact of fuel and currency fluctuations.
Comparable sales were 16.6% higher in the U.S. and 15.2% higher in Canada. Comparable sales for the other international markets were up 5.7%. E-commerce sales increased 7.4% during the quarter.
Membership fees came in at $984M vs. $901M a year ago.
Net income for the quarter was $1.353B vs. $1.220B a year ago. The net income tally this year included a one-time $77M pretax charge for incremental benefits awarded under the new employee agreement.
Shares of Costco (COST) fell 2.21% in after-hours trading to $454.22
Costco has now topped revenue expectations in ten straight quarters.