Costco Wholesale Corporation (NASDAQ: COST) reported its first quarter financial results for fiscal year 2018 and beat analysts’ estimates in both revenue and earnings driving shares up 4 percent early Friday morning.
For the first quarter, Costco reported revenue of $31.8 billion, beating analysts’ estimates of $31.5 billion, and increasing 13.3 percent year over year. Costco reported an EPS of $1.45, increasing from the previous year’s same quarter of $1.24, and beating analysts’ estimates of $1.34.
Total comparable sales was 10.5 percent for the first quarter. eCommerce comparable sales were 43.5 percent up for the first quarter.
Pre-Thanksgiving and Black Friday sales fell into the first quarter. Normally, Thanksgiving holiday sales fall within the second quarter financial results, but due to the dates this year, it was accounted for the first quarter.
eCommerce sales were not as greatly high as store sales due to the Cyber Monday sales not being accounted for the first quarter. Cyber Monday sales will be accounted for in the second quarter for the fiscal year.
Costco ended the quarter with 746 operating locations, but the retailer is still expanding its eCommerce business as it begins to steadily grow.