Costco on Tuesday reported quarterly earnings that exceeded Wall Street’s expectations, as shoppers turned to the membership club for groceries but purchased fewer high-priced items.
During an earnings call, Chief Financial Officer Richard Galanti stated that shoppers visited the retailer’s stores more frequently, despite spending less. He mentioned that sales of expensive non-food items in the U.S. were weaker, and declining gas prices also impacted revenue.
Traffic increased by 5.2% globally and 5% in the U.S. compared to the previous year. Galanti stated that Costco’s average transaction amount dropped by nearly 4% worldwide and 4.5% in the U.S. during the quarter.
Here are the results that the membership-based warehouse club reported for the three-month period ending on September 3, compared to analysts’ expectations based on consensus estimates from LSEG (formerly known as Refinitiv):
Earnings per share: $4.86 vs. $4.79 expectedRevenue: $78.9 billion vs. $77.9 billion expected
Costco’s net income for the fiscal fourth quarter increased to $2.2…
2023-09-26 17:59:35
Original from www.cnbc.com
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