Yasin Ebrahim/Investing.com | Investing.com
Published May 26, 2023 07:10
Investing — Costco reported Thursday fiscal third-quarter results that missed Wall Street estimates as rising costs and a dip in e-commerce sales weighed on performance.
Costco Wholesale Corp (NASDAQ:COST) was up nearly 1% in aftermarket hours.
Costco Wholesale fiscal Q3 earnings of $2.93 per diluted share on revenue of $53.60 billion, missing estimates for $3.32 and revenue of $54.61 billion.
Merchandise costs and selling, general and administrative costs were up about 1% each in Q3 year on year, weighing on the bottom line.
Adjusted comparable sales in the quarter increased 3.5%, with the bulk of the sales generated in the U.S. and Canada, up 1.8% and 7.4% respectively, while international was up 8.4% in the quarter.
E-commerce sales were down 7.8% in the quarter.
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Written By: Investing.com