Costco 3Q Profit Rises on E-Commerce Strength

By Ben Glickman

Costco's profit rose ahead of Wall Street's expectations in the third quarter as the company's surging online sales buoyed results.

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

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

Same-store sales were up 6.6% for the period, compared with the 6% expected by Wall Street analysts. Canada and other international stores posted a higher jump in comparable sales than U.S. stores.

E-commerce comparable sales were up about 21% from a year earlier.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

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

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