Costco falls after U.S. sales come in lighter than anticipated
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Costco Wholesale Corporation (NASDAQ:COST) reported sales growth of 1.9% for its FQ3.
Comparable sales were up +0.3% overall during the quarter vs. +2.9% consensus. The big box retailer said comparable sales were down 0.1% in the U.S., fell 1.0% in Canada, and were 4.1% higher for international markets. E-commerce sales fell 10.0% during the quarter.
After backing out gas prices and F/X swings, comparable sales were up 1.8% in the U.S. vs. +3.5% consensus and were 3.5% higher overall.
Membership fee income was $1.04B vs $1.04B consensus and $984M a year ago
Net income for the quarter was $1.302B vs. $1.353B a year ago.
Merchandise inventory at the end of the quarter was down slightly compared to a year ago at $16.32B vs. $17.91B on August 28, 2022.
At the end of the quarter, Costco (COST) operated a total of 853 warehouses, including 587 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 32 in Japan, 29 in the United Kingdom, 18 in Korea, 14 in Taiwan, 14 in Australia, four in Spain, three in China, two in France and China, and one in Iceland, New Zealand, and Sweden.
Costco (COST) is set to hold a conference call at 5:00 p.m.
Shares of Costco (COST) fell 2.63% in after-hours trading to $473.77 vs. the 52-week trading range of $443.20 to $564.76.
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