Costco Wholesale Corp. reported profits rose 12.9 percent in the second quarter ended February 12 as same-store sales on an adjusted basis grew 6.8 percent.
Adjusted same-store sales exclude the impacts of changes in gasoline prices and foreign exchange.
On an adjusted basis, comps in the U.S. increased 5.8 percent, Canada’s comps jumped 9.6 percent and Other International same-store sales grew 9.5 percent. E-commerce sales were down 8.7 percent on an adjusted basis.
Net sales for the quarter increased 6.5 percent, to $54.24 billion, from $50.94 billion last year. Sales were slightly below Wall Street’s’ consensus estimate of $55.54 billion.
Net income for the quarter was $1,466 million, $3.30 per diluted share. Last year’s second-quarter net income was $1,299 million, $2.92 per diluted share. Earnings topped Wall Street’s consensus estimate of $3.21.
Net sales for the first 24 weeks increased 7.3 percent, to $107.68 billion, from $100.35 billion last year. On an adjusted basis, comps were up 7.0 percent overall. Same-store sales grew 6.2 percent in the U.S., 8.9 percent in Canada, and 9.3 percent in Other International.
Net income for the first 24 weeks was $2.83 billion, or $6.37 per diluted share, compared to $2.62 billion, $5.90 per diluted share, last year.
For the four-week reporting month of February, ended February 26, 2023, the company reported net sales of $17.06 billion, an increase of 4.7 percent from $16.29 billion last year. Lunar New Year/Chinese New Year occurred on January 22, 10 days earlier this year. The shift positively impacted February’s Other International and Total
On an adjusted basis, comps were up 5.0 percent overall. Same-store sales grew 3.5 percent in the U.S., 7.3 percent in Canada, and 11.5 percent in Other International.
