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Costco beats Q2 earnings and revenue estimates

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Net income for the quarter was $1.3 billion.

ISSAQUAH, Wash. — Costco Wholesale Corp. reported net sales of $50.94 billion for the second quarter ended February 13. Net sales for the 24-week year-to-date period increased 16.4%, to $100.35 billion, up from $86.23 billion last year.

CostcoComparable club sales increased 11.3% in the United States (excluding the impacts from changes in gasoline prices and foreign exchange rates) and 11.1% for the company as a whole. E-commerce sales (adjusted) increased 12.6%.

Net income for the quarter was $1.3 billion, or $2.92 per diluted share. That compares to last year’s second-quarter net income of $951 million, $2.14 per diluted share, which included $246 million pretax, $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Net income for the first 24 weeks was $2.62 billion, or $5.90 per diluted share, compared to $2.12 billion, $4.76 per diluted share, last year.

Costco also reported its sales for the four-week reporting month of February, ended February 27. The company said its net sales for the month totaled $16.29 billion, an increase of 15.9% from $14.05 billion posted in the comparable period last year. Lunar New Year/Chinese New Year occurred on February 1 this year, 11 days earlier than last year, which negatively international sales (excluding Canada) by approximately 4%, and total company sales by 0.5%.

Costco currently operates 828 warehouse clubs, including 572 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.


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