Costco Wholesale missed Wall Street expectations for third-quarter revenue, reporting that net sales for the quarter increased 8.0 percent to $61.96 billion, compared to $57.39 billion last year.
Net sales for the first 36 weeks increased 8.2 percent, to $185.48 billion, from $171.44 billion last year.
Total Revenue by Segment
The miss on the comparable sales line was reported due to consumers paring back on large purchases, especially of non-essential goods such as home furnishings, as discretionary spending continues to weaken.
Comparable Sales by Region
Net income for the quarter was $1.90 billion, or $4.28 per diluted share, compared to $1.68 billion, or $3.78 per diluted share, in fiscal Q3 last year. Net income for the first 36 weeks was $5.49 billion, or $12.34 per diluted share, compared to $5.01 billion, or $11.27 per diluted share, in the Q3 year-to-date period last year.
Costco currently operates 905 warehouses, including 624 in the United States and Puerto Rico, 109 in Canada, 41 in Mexico, 37 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, and Australia.
Image courtesy Costco Wholesale Corporation
