Costco Shares Advance Following Above-expectation Third-Quarter Earnings
Shares of Costco Wholesale Corp. rose more than 1.8 percent in after-hours trading on Thursday after second largest retailer in the world posted fiscal third quarter earnings above expectations.
The warehouse club company reported net income in its most recent quarter reached $700 million, or $1.59 per share, up from $545 million, or $1.24 per share, in the same period last year.
Stripping out one-time items, earnings of the Washington-based company came to $1.40 per share in the three-month period ending May 7, topping analysts’ expectation for earnings of $1.31 per share.
Revenue was reported to advance by 8% to $28.22 billion, from $26.15 billion last year. The result fall short of market forecast calling for sales of $28.6 billion.
Costco’s comparable-store sales rose 5% in the quarter. Analysts had predicted a rise of 4%.
Buy Stop at 178.00, Take profit 180.00, Stop loss at 177.00