Costco misses on net sales in Q3

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Costco misses on net sales in Q3

By Dan Berthiaume - 05/30/2019
Costco Wholesale Corp. posted increases in net sales, same-store sales, and net income during the third quarter of fiscal 2019, but did not meet analyst expectations for revenue.

Net income, in particular, soared during the quarter, rising 21% to $906 million from $750 million in the third quarter of fiscal 2018. Net sales climbed 7% to $33.96 billion, from $31.62 billion the third quarter of the previous fiscal year. However, Wall Street analysts had expected Costco’s net sales to reach $34.77 billion for the quarter.

Total company same-store sales climbed 5.5%, while total company e-commerce sales rose 22%. Broken down by region, same-store sales grew 7% in the U.S., 1.3% in Canada, and 1.7% in other international markets.

Costco currently operates 773 warehouses, including 536 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 28 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, and one each in Iceland and France. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, and Taiwan.

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