Earnings per share: $4.86 vs. $4.79 expected
Revenue: $78.9 billion vs. $77.9 billion expected
Costco’s net income for the fiscal fourth-quarter rose to $2.2 billion, or $4.86 per share, compared with $1.87 billion or $4.20 per share a year earlier.
*Comparable sales for the company rose 1.1% year over year, but only 0.2% in the U.S. Excluding changes in gas prices, the metric rose 3.8% overall and 3.1% in the U.S. E-commerce sales declined 0.8% compared with the year-ago period.
Costco has gained momentum in the past three years, as membership-based warehouse clubs benefitted from dynamics such as more Americans cooking from home and more millennials moving into suburban homes with bigger pantries during the pandemic. Inflation has also driven some shoppers to sign up and renew their memberships to clubs, including Walmart-owned Sam’s Club and BJ’s Wholesale Club Yet in recent quarters, even Costco has spoken about consumers pulling back on some big-ticket and discretionary items such as jewelry, as grocery bills and housing costs remain elevated.
Shares of Costco have climbed about 21% so far this year, outperforming the 11% gains of the S&P 500. The company’s stock closed on Tuesday at $552.96, down about 1%
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