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Costco reports results that top estimates and $200 billion annual revenue for first time

By Wallace Witkowski

Costco Wholesale Corp. shares slipped in the extended session Thursday even as the retailer reported quarterly results that beat Wall Street estimates and annual sales that topped $200 billion for the first time.

Costco (COST) shares declined 2% after hours, following a 1.2% decline in the regular session to close at $487.17.

Costco reported fourth-quarter net income of $1.87 billion, or $4.20 a share, compared with $1.67 billion, or $3.76 a share, in the year-ago period.

Revenue rose to $72.09 billion from $62.67 billion in the year-ago quarter.

Analysts on average expected earnings of $4.17 a share on sales of $70.8 billion, according to FactSet.

Sales at stores open for at least a year rose 13.7%, in-line with Street estimates.

Annual sales crossed the $200 billion mark for the first time at $222.73 billion, rising 16% from $195.93 billion in the previous fiscal year. Analysts were forecasting $222.7 billion in sales.

Costco shares have declined 14% so far this year, while the S&P 500 index has fallen 21%.

-Wallace Witkowski

 

(END) Dow Jones Newswires

09-22-22 1634ET

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