Costco profit and revenue beat estimates

Costco profit and revenue beat estimates

This story has been updated to correct the total revenue, which we previously identified as missing analysts’ expectations.

Costco reported first-quarter earnings Thursday.

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Costco Wholesale Corp. on Thursday reported first-quarter profit and revenue that beat Wall Street expectations.

The company reported first-quarter net income of $1.32 billion, or $2.98 a share, compared with $1.17 billion, or $2.62 a share, in the year-ago period. Revenue increased to $50.36 billion from $42.35 billion in the year-ago quarter. Comparable-store sales rose 15% overall in the quarter, lower than analysts’ expectation of 15.1%.

Analysts surveyed by FactSet had forecast earnings of $1.15 billion, or $2.62 a share, on revenue of $49.65 billion.

Costco shares

bounced between slight losses and gains in after-hours trading immediately after the report was released. They had declined about 1% in the regular session to close at $524.33.  The company’s stock has risen about 40% so far this year, compared with the S&P 500 index’s

25% increase in the same period.

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