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Dec. 12, 2019, 4:44 p.m. EST

Costco earnings show sales growing despite late Thanksgiving holiday

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By Jeremy C. Owens

Costco Wholesale Corp. /zigman2/quotes/201191698/composite COST -1.27% increased revenue despite going against a tough comparison with the year before, but not as much as analysts expected, according to a Thursday afternoon earnings report. The retailer reported fiscal first-quarter earnings of $844 million, or $1.90 a share, on sales of $36.24 billion, up from profit of $1.73 a share on revenue of $34.31 billion a year ago. That growth came despite a later Thanksgiving holiday this year, which pushed early holiday sales to the next quarter - Costco said that the later holiday shaved a half-percent off its sales this year, and 12 percentage points off e-commerce sales. Analysts on average expected Costco to report earnings of $1.73 a share on sales of $39.9 billion, according to FactSet. Costco shares dipped about 0.6% in after-hours trading immediately following release of the results. The stock closed Thursday's session up 0.7% at $297.34, and has gained 46% so far this year, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.60% has gained 25.3%.

/zigman2/quotes/201191698/composite
US : U.S.: Nasdaq
$ 342.58
-4.42 -1.27%
Volume: 7.34M
Sept. 25, 2020 4:00p
P/E Ratio
40.97
Dividend Yield
0.82%
Market Cap
$151.17 billion
Rev. per Employee
$600,967
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/zigman2/quotes/210599714/realtime
US : S&P US
3,298.46
+51.87 +1.60%
Volume: 2.18B
Sept. 25, 2020 5:06p
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