Costco Beats Q1 Expectations; Shares Up
This article was originally published on TipRanks.com
Membership-only big-box retailer, Costco Wholesale Corporation (COST) reported better-than-expected first-quarter results, with both earnings and revenue exceeding estimates by a huge margin.
Following the news, shares spiked up 2.1% momentarily and ended the extended trading session up 1.1% on December 9.
Costco’s quarterly earnings jumped 13.7% year-over-year to $2.98 per share and meaningfully surpassed analyst estimates of $2.59 per share.
Furthermore, total revenue came in at $50.36 billion, a 16.5% growth compared to the prior-year quarter, outpacing analysts’ estimates of $49.1 billion.
Compared to Q1FY21, Costco’s total company-wide comparable sales grew 15% and E-commerce comparable sales climbed 14.3%.
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Wall Street View
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 17 Buys and 6 Holds. The average Costco price target of $532.68 implies 1.6% upside potential to current levels. Shares have gained 40.7% over the past year.
TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Costco’s performance.
In November, Costco website traffic recorded a 13.52% year-over-year decrease in monthly visits. However, year-to-date website traffic growth increased by 15.83% compared to the same period last year.
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