Costco Wholesale Corp
Q1 Earnings: Costco said first-quarter net sales increased 6.1% year-over-year. The company reported quarterly revenue of $57.8 billion, which beat the consensus estimate of $57.72 billion, according to Benzinga Pro. Costco noted that net sales in the quarter benefited by approximately 0.5% to 1% from a shift in the company's fiscal calendar as a result of the 53rd week of fiscal year 2023.
The membership-based retailer reported adjusted quarterly earnings of $3.48 per share, which beat analyst estimates of $3.42 per share.
Comparable sales in the fourth quarter were up 2.6% in the U.S., up 8.2% in Canada, and up 7.1% in the Other International segment. Total comps climbed 3.9% year-over-year, and total e-commerce sales jumped 6.1%.
Membership fees came in at $1.082 billion, up from $1 billion on a year-over-year basis. Costco said it now operates 871 warehouses, up from 861 at the end of the fourth quarter.
Costco's board also approved a special cash dividend of $15 per share, payable Jan. 12 to shareholders of record as of Dec. 28.
Management will hold a conference call to discuss these results at 5 p.m. ET.
COST Price Action: Costco shares initially sprung higher before pulling back. The stock was up 1.14% after hours at $638.00 at the time of publication, according to Benzinga Pro.
