Costco Wholesale Corp. COST shares slipped in the extended session Tuesday even after the membership warehouse chain reported quarterly results that topped Wall Street estimates. Costco shares slipped 1.5% after hours, following a 1% decline in the regular session to close at $552.96. Costco reported fourth-quarter net income of $2.16 billion, or $4.86 a share, compared with $1.87 billion, or $4.20 a share, in the year-ago period.
Revenue rose to $78.94 billion from $72.09 billion in the year-ago quarter. Analysts on average expected earnings of $4.79 a share on sales of $77.72 billion, according to FactSet. Sales at stores open for at least a year rose 1.1%, or 3.8% adjusted for gasoline and currency, compared with the 3.5% Street estimates. Annual revenue rose to $242.29 billion from $226.95 billion in the previous fiscal year. Analysts were forecasting $232.95 billion in revenue. Costco shares have gained 21.1% year to date, while the S&P 500 index SPX has gained 11.3%.
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SOURCE: MarketWatch.com – MarketPulse