Abhoy Sarkar's Avatar
published in Blogs
Dec 10, 2022
Costco (COST, $483.02) disappoints on fiscal Q1 earnings

Costco (COST, $483.02) disappoints on fiscal Q1 earnings

Costco posted earnings of $1.36 billion, or $3.07 a share, in the fiscal first quarter, missing analysts’ expectations of $3.12 a share. However, the figure was higher than the year-ago quarter’s compared with $2.98 a share.

The retail company’s revenue climbed +8% from the year-ago quarter to $54.44, vs. analysts’ estimates of $58.36 billion. Same-store sales were up +6.6% (vs. the Street forecasts of +6.4%), while e-commerce revenue fell -3.7%.

Costco currently operates 847 warehouses globally, and  opened seven net new warehouses in the first quarter. The company intends to open three in the second quarter, four in the third quarter and 10 in the fourth quarter. The company plans to open 27 new warehouses in fiscal 2023, including three relocations.

Related Tickers: COST