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May 28, 2021, 6:26 a.m. EDT · CORRECTED

Costco posts better-than-expected quarterly profit

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By Claudia Assis

An earlier version of this report had an incorrect revenue figure and stated that Costco missed estimates when it beat. It has been corrected.

Costco Wholesale Corp. late Thursday reported better-than-expected profit and sales for its fiscal third quarter.

Costco /zigman2/quotes/201191698/composite COST +1.04% said it earned $1.22 billion, or $2.75 a share, in the quarter, compared with $838 million, or $1.89 a share, in the year-ago quarter.

Net sales for the quarter increased o $45.3 billion, from $36.45 billion a year ago.

Analysts polled by FactSet had expected the retailer to report a GAAP profit of $2.32 a share on sales of $44.7 billion.

Same-store sales rose 21%, and online sales rose 41%, the company said. At the height of pandemic-fueled stockpiling, Costco online sales soared, including a 65% jump in the third quarter of 2020.

Shares of Costco fell 0.4% in the extended session after ending the regular trading day up 0.5%, The stock has gained 2.9% so far this year, compared with gains of around 12% for the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.54% .

/zigman2/quotes/201191698/composite
US : U.S.: Nasdaq
$ 429.72
+4.44 +1.04%
Volume: 2.28M
July 30, 2021 4:00p
P/E Ratio
40.40
Dividend Yield
0.74%
Market Cap
$189.97 billion
Rev. per Employee
$610,846
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/zigman2/quotes/210599714/realtime
US : S&P US
4,395.26
-23.89 -0.54%
Volume: 2.25B
July 30, 2021 5:06p
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