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Author

Mohamed Mohamoud

Author and the owner of idman news

April 21, 2021

Idman news

Wararka Jaraaidyada Soomaalida ay qoreen

Costco misses fiscal Q2 expectations, pinning it on higher wages


Costco Wholesale Corp. stock fell late Thursday after the retailer reported quarterly earnings below Wall Street expectations, due in part to higher wages amid the pandemic.

Costco
COST,
-1.51%

said it earned $951 million, or $2.14 a share, in the fiscal second quarter, which included a pretax $246 million, or 41 cents a share, in costs mostly related to COVID-19 “premium” wages, it said.

The earnings compared with net income of $931 million, or $2.10 a share, in the year-ago quarter.

Sales rose 14.7% to $43.89 billion, from $38.26 billion a year ago.

Analysts polled by FactSet expected the retailer to earn a GAAP profit of $2.45 a share on sales of $43.75 billion.

Total comparable-sales rose 13%, the company said, with e-commerce sales rising nearly 76%.

February sales, which the company reported alongside quarterly earnings, rose 15% to $14.05 billion.

Shares of Costco have lost around 0.8% in the past 12 months, contrasting with gains around 20% for the S&P 500 index
SPX,
-1.34%
.



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