Costco Wholesale Corporation (NASDAQ:COST) reported better-than-expected results for its second quarter.
The Issaquah, Washington-based wholesaler reported net sales for the quarter increased 10.5%, to $38.26 billion from $34.63 billion last year. Net sales for the first 24 weeks increased 8.1%, to $74.49 billion from $68.94 billion last year.
Reported net income for the quarter was $931 million, or $2.10 per diluted share, compared to $889 million, or $2.01 per diluted share, last year. Net income for the first 24 weeks was $1.77 billion, or $4.00 per diluted share, compared to $1.66 billion, or $3.74 per diluted share, last year.
For the four-week reporting month of February, ended March 1, 2020, the Company reported net sales of $12.20 billion, an increase of 13.8 percent from $10.72 billion last year. For the 26-week period ended March 1, 2020, net sales were $80.76 billion, an increase of 8.5 percent from $74.42 billion last year.
Costco currently operates 785 warehouses, including 546 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, and one each in Iceland, France, and China. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.
Shares in COST faded $9.26, or 2.9%,to $306.50
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