Costco tops sales estimates as shoppers return to stores

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FILE PHOTO: Customers queue to enter a Costco Wholesale store in Chingford, Britain March 15, 2020. REUTERS/John Sibley

May 27, 2021

(Corrects throughout to say “net sales”, not “total revenue”)

(Reuters) -Membership-only retail chain Costco Wholesale Corp beat Wall Street estimates for quarterly sales on Thursday, helped by strong demand for high-margin items, such as jewelry and home furnishing goods, as customers returned to its stores.

The warehouse retail chain has benefited from shoppers returning to its stores to buy everything from groceries to sporting goods with their stimulus checks as COVID-19 pandemic-driven restrictions ease.

Comparable sales, excluding the impact of fuel and currency fluctuations, jumped 15.1%, compared with estimates of a 11.46% rise, according to Refinitiv IBES.

Net income attributable to the company rose to $1.22 billion, or $2.75 per share, in the quarter ended May 9, from $838 million, or $1.89 per share, a year earlier.

Net sales rose 22% to $44.38 billion in the third quarter, from $36.45 billion a year earlier, compared with estimates of $43.16 billion.

(Reporting by Aditi Sebastian; Editing by Amy Caren Daniel)





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