Costco tops comparable sales expectations
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Costco Wholesale Corporation (NASDAQ:COST) reported sales growth of 15.2% for its FQ4 as the retailer continues to take market share.
Comparable sales were up 15.8% in the U.S., rose 13.4% in Canada, and were 2.9% higher for international markets. E-commerce sales increased 7.1% during the quarter.
After backing out gas prices and F/X swings, comparable sales were up 9.6% in the U.S. vs. 9.3% consensus.
Net income was $1.868B vs. $1.670B a year ago.
At the end of the quarter, Costco (COST) operated a total of 838 warehouses, including 578 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 17 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland.
Shares of Costco (COST) fell 2.49% in after-hours trading to $475.03 vs. the 52-week trading range of $406.51 to $612.27. For technical traders, Bloomberg Strategist William Maloney advised that COST formed a head and shoulders pattern dating back to 2021. On the momentum side of things, Costco trades below its 50-day, 100-day, and 200-day moving averages.