Costco’s third-quarter profit grows thanks to the strength of e-commerce

by Ben Glickman

Costco’s third-quarter profit rose above Wall Street expectations as the company’s growing online sales boosted results.

The wholesaler reported a profit of $1.68 billion, or $3.78 per share, for the 12 weeks ended May 12, compared with a profit of $1.3 billion, or $2.93 per share, a year earlier. Analysts polled by FactSet expected earnings per share of $3.70.

Revenue rose 9.1% to $58.52 billion, topping the $58.02 billion expected by analysts surveyed by FactSet.

Same-store sales rose 6.6% during the period, compared with the 6% expected by Wall Street analysts. Canada and other international stores saw a bigger jump in comparable sales than U.S. stores.

Comparable e-commerce sales increased approximately 21% compared to the prior year.

Write to Ben Glickman at [email protected]

(END) Dow Jones Newswires

May 30, 2024 16:42 ET (20:42 GMT)