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Earnings Results: Costco posts better-than-expected quarterly profit

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An earlier version of this report had an incorrect revenue figure and stated that Costco missed estimates when it beat. It has been corrected.

Costco Wholesale Corp. late Thursday reported better-than-expected profit and sales for its fiscal third quarter.

Costco
COST,
+0.49%

said it earned $1.22 billion, or $2.75 a share, in the quarter, compared with $838 million, or $1.89 a share, in the year-ago quarter.

Net sales for the quarter increased o $45.3 billion, from $36.45 billion a year ago.

Analysts polled by FactSet had expected the retailer to report a GAAP profit of $2.32 a share on sales of $44.7 billion.

Same-store sales rose 21%, and online sales rose 41%, the company said. At the height of pandemic-fueled stockpiling, Costco online sales soared, including a 65% jump in the third quarter of 2020.

Shares of Costco fell 0.4% in the extended session after ending the regular trading day up 0.5%, The stock has gained 2.9% so far this year, compared with gains of around 12% for the S&P 500 index
SPX,
+0.12%
.

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