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Costco's fiscal Q2 profit higher, coronavirus worry spurs sales uptick - MarketWatch

6 March /2020
news-details Costco's fiscal Q2 profit higher, coronavirus worry spurs sales uptick - MarketWatch

Shares of Costco Wholesale Corp. COST, -1.55% rose nearly 2% in the extended session Thursday after the retailer reported quarterly profit above Wall Street expectations and said its sales benefited from "an uptick in consumer demand" late in the reporting quarter on concerns about the novel coronavirus outbreak. Costco estimated the "positive impact" on total and comparable sales to be around 3%, it said. Costco said it earned $931 million, or $2.10 a share, in the quarter, compared with $889 million, or $2.01 a share, last year. Sales rose 11% to $38.3 billion, compared with $34.6 billion a year ago. Same-store sales rose 9%, the company said. Analysts polled by FactSet had expected EPS of $2.05 a share on sales of $38.2 billion. A late Thanksgiving in the quarter lifted sales by about 0.5%, the company said.


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