Costco tops sales estimates as shoppers return to stores

imageStock Markets1 hour ago (May 27, 2021 05:46PM ET)

(C) Reuters. FILE PHOTO: Customers queue to enter a Costco Wholesale store in Chingford, Britain March 15, 2020. REUTERS/John Sibley

(Corrects throughout to say “net sales”, not “total revenue”)

(Reuters) -Membership-only retail chain Costco Wholesale Corp (NASDAQ:COST) beat Wall Street estimates for quarterly sales on Thursday, helped by strong demand for high-margin items, such as jewelry and home furnishing goods, as customers returned to its stores.

The warehouse retail chain has benefited from shoppers returning to its stores to buy everything from groceries to sporting goods with their stimulus checks as COVID-19 pandemic-driven restrictions ease.

Comparable sales, excluding the impact of fuel and currency fluctuations, jumped 15.1%, compared with estimates of a 11.46% rise, according to Refinitiv IBES.

Net income attributable to the company rose to $1.22 billion, or $2.75 per share, in the quarter ended May 9, from $838 million, or $1.89 per share, a year earlier.

Net sales rose 22% to $44.38 billion in the third quarter, from $36.45 billion a year earlier, compared with estimates of $43.16 billion.

Costco tops sales estimates as shoppers return to stores

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.