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Costco Wholesale Corporation posted a profit for its third quarter that rose from the same period last year and surpassed the Street estimates.
Source: Costco Wholesale
COST down -1.16%, WMT up +0.34%, Pre-market trading
The company’s earnings came in at $1.35 billion, or $3.04 per share. This is an improved figure from $1.22 billion, or $2.75 per share, in the same quarter last year.
The company’s revenue for the third quarter jumped 16.2% to $52.60 billion from $45.28 billion last year. Adjusted same-store sales increased by 10.8% from last year, while e-commerce sales rose by 7.9%.
Costco reported a net income for the third quarter of $1.353 billion, which equates to $3.04 per diluted share.
Bob Nelson, senior vice president for finance & investor relations, stated that pressures from higher commodity prices, higher wages, transportation costs, and supply chain disruptions are still in play.
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