COSTCO surprises again Wall Street with strong results

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Costco Wholesale (NASDAQ: COST) showed its continued growth during the pandemic, America’s multinational corporation announced better-than-expected fourth-quarter financial results on Thursday. The company E-commerce sales rose 91.3% during Q4 on a year-over-year basis and were up 50.1% for the full fiscal year.

  • Earnings per share (EPS) $3.4 vs. $2.85 expected
  • Revenue $53.38 billion vs. $52 billion expected

“As people are spending less on travel, air and hotel and dining out, they seem to have redirected at least some of those dollars to categories like lawn and garden, furniture, mattresses, exercise equipment, bicycles, housewares, cookware, domestics and the like,” Chief Financial Officer Richard Galanti said.

Costco, which has 795 stores in the United States, Canada, and several other countries, also resumed services that were temporarily suspended, including the sale of glasses and food courts. Meanwhile, the company said, "This year’s fourth quarter was negatively impacted by incremental expense related to COVID-19 premium wages and sanitation costs,".


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Costco shares gained more than 19% so far this year while the stock closed slightly lower on Friday.


Read more- https://gulfbrokers.com/en/costco-surprises-again-wall-street-with-strong-results
 
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