Costco Wholesale (NASDAQ:COST) reported fiscal second-quarter financial results on Thursday that surpassed Wall Street expectations, driven by resilient consumer spending and robust membership growth.
The Issaquah, Washington-based warehouse retailer posted a net income of $2.04 billion, or $4.58 per share, for the quarter ended February 15.
The result beat the $4.55 per share consensus estimate among 13 analysts surveyed by Zacks Investment Research.
Revenue for the period rose to $69.6 billion, a 9.2% increase year-over-year, topping the $69.24 billion projected by analysts.
Comparable store sales, a key retail metric, grew 7.4% during the quarter, with e-commerce sales surging 22.6%.
The company also reported membership fee income of $1.33 billion, up from $1.17 billion in the prior-year period.
Despite the double beat on the top and bottom lines, shares dipped slightly in post-market trading as investors weighed the retailer’s premium valuation against a holiday-heavy quarter that benefited from a favorable shift in the timing of the Chinese New Year.