Costco Wholesale Corporation (NASDAQ:COST) rose sharply Friday after the company reported stronger-than-expected earnings for its fiscal second quarter.
The wholesale store chain, based in Issaquah, Washington, reported net sales for the quarter increased 7.3%, to $34.63 billion from $32.28 billion last year. Net sales for the first 24 weeks increased 8.7%, to $68.94 billion from $63.40 billion last year.
Reported net income for the quarter was $889 million, or $2.01 per diluted share, compared to $701 million, or $1.59 per diluted share, last year. Net income for the first 24 weeks was $1.66 billion, or $3.74 per diluted share, compared to $1.34 billion, or $3.04 per diluted share, last year.
February’s sales were negatively impacted approximately 1% by weather throughout the U.S. and Canada. In addition, Lunar New Year/Chinese New Year occurred eleven days earlier in February this year, negatively impacting February’s Other International sales by approximately 4.5% and Total Company sales by approximately 0.5%.
Costco currently operates 770 warehouses, including 535 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 28 in the United Kingdom, 26 in Japan, 15 in Korea, 13 in Taiwan, 10 in Australia, two in Spain, and one each in Iceland and France.
Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, and Taiwan.
Shares spiked $9.61, or 4.4%, to $226.40
