Costco revenue climbs in latest quarter
23:00, 23 September 2021
Costco boosted revenue 17.5% in its latest quarter on strong sales in Canada.
Total revenue rose to $61.44bn (£44.76bn) from $52.28bn (£38.09bn) a year earlier. The figures were provided Thursday 23 September in the Issaquah, Washington-based company’s latest earnings report.
Costco’s results beat analyst expectations. Analysts polled by FactSet expected earnings of $3.58 (£2.61) per share on revenue of $61.40bn (£44.73bn) while the big-box retailer posted per-share earnings of $3.76 (£2.74).
Canadian net sales rise 19.5%
On a non-adjusted basis, Canadian net sales rose 19.5%, outperforming the US and other international segments. Non-adjusted US sales rose 14% and other international sales climbed 15%.
On an adjusted basis, US sales were up 10.3%, while the Canadian segment rose 6.7% and other international markets saw a 7.3% increase.
Adjusted sales figures excluded impacts from changes in gasoline prices and foreign exchanges. The company did not provide sales dollar figures based on geography.
Net income up 20.14%
Net income rose 20.14% year-over-year to $1.67bn from $1.39bn.
For accounting purposes, the latest reporting period served as the company’s fourth quarter of 2021.
On a full-year basis, revenue rose 17.49% year-over-year to $195.93bn (£142.74bn) from $166.76bn (£121.49bn). Canadian sales again saw the biggest increase on a non-adjusted basis, rising 20%, while the US and other international markets saw boosts of 14.8% and 19.1%, respectively.
On an adjusted basis, US sales saw the largest increase, 13.6%, slightly exceeding the 13.4% rise in other international markets than Canada, which experienced a 12.1% boost.
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