Costco beats quarterly revenue estimates

Automatic TRANSCRIPT

Wild Wall Street. Escalating EC- economic fears dragging down the Dow or the nine hundred points. At one point. Were down quadruple digits. Again with a thousand points we did not finish on our low if you WANNA find any kind of silver lining. We did finish down nine sixty nine on the Dow. Now we've got earnings alert right now and one name that has probably more closely tied to the action on the retail side than the other night is Costco according Reagan Beckett. Hq with more their numbers. Reportings Abe Ryan so Costco beating on profit and revenue for the latest quarter comparable sales coming up nearly nine percent that's including gasoline which was also above analysts estimates. But I WANNA point out. That's for the whole quarter ending February sixteenth now. Costco also gave some comparable sales for the full month of February and they did note an uptick in the fourth week. The last week February associated with the corona virus and consumer purchasing so cost estimates that added that surge in purchasing added three percentage points to make it twelve point one percent for the monthly comp growth for the full company for the full month of February now. Cfo Richard Galanti. Just now giving more detail on the earnings call take a lesson getting deliveries daily. But it's still not enough given the increase levels of demand on certain key items. It's been a little crazy this past week. In terms of outside shopping frequency and sales levels and not only in the United States he also went on to talk about how they are going to have to do some limits. But it's kind of going to vary by store and by region giving shoutout to his team members for working through all that because it's a very evolving scenario. No Costco also said that. Their membership fees came in higher than what some estimates worth quarter e. Commerce sales grew more than twenty eight percent and the timing of the week later. Thanksgiving that actually helped bump up e commerce sales for the quarter by eleven percent. And that's with the outages that we reported around Thanksgiving and Black Friday. If you remember any of that ultimately the Thanksgiving timing still ended up helping prop up the total company's COMP sales again for the quarter by half a percent and they are staying strong sales here in this next quarter because of everything that's going on with the corona

Coming up next