Costco Reported Q2 Financial Results

Costco Wholesale Corporation (NASDAQ: COST) reported its second quarter financial results of fiscal 2018 on Thursday. The company continues to register double-digit growth year over year, thanks to growth strategies and sturdy e-commerce sales.

Net sales of this quarter increased 10.8% to $32.28 billion from $29.13 billion same period last year. Net sales for the first 24 weeks of fiscal 2018 increased 12.0 percent, to $63.40 billion from $56.60 billion last year.

However, the holiday sales decline of the pre-Thanksgiving and Black Friday holiday weekend, compared to the second quarter last year, has negatively affected this year’s second quarter sales by approximately 1.4% in the U.S., and slightly less worldwide and negatively impacted E-commerce sales by approximately 7-8%.

Total revenues, which include net sales and membership fee, came in at $32,995 million ahead of the consensus estimate of 32,715.2 million. The top line rose 10.8% during the period under review, following growth of 13.2% witnessed in the preceding quarter.

Costco’s comparable-store sales (comps) for the quarter went up 8.4%. The company informed that comps for the month of February increased 10.5% gaining from Chinese New Year. Excluding the effect of gasoline prices and foreign exchange, the company witnessed comps growth of 5.4% during the quarter with the United States, Canada and Other International registering comps growth of 5.7%, 2.5% and 7.4%, respectively.

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