Costco beats on profits as online sales surge
Markets Insider reported that shares of the wholesale retailer Costco jumped 4% at the close of last week after the company reported second-quarter profits that topped Wall Street's expectations, though sales fell short of estimates. Costco reported adjusted earnings per share of US$2.01 versus US$1.69 expected, and revenue of US$35.4 billion versus US$35.7 billion expected. Costco's quarterly results show its e-commerce sales are far outpacing other segments of its business. The company's adjusted comparable sales for the second-quarter (the 12 weeks ending February 17) surged 25.5% across e-commerce. In-store sales rose by 7.2%, 6%, and 4.8% across US, Canada, "other international" markets, respectively. Costco was up 11% this year, but is still 12% below its record high of $245.16 set last September.