Costco Wholesale Corporation (NASDAQ:COST) shares are trading higher after the company reported better-than-expected first-quarter EPS and sales results.
Costco beat estimated earnings by 13%, reporting an EPS of $2.97 versus an estimate of $2.63, which surprised analysts.
Costco says net income for the quarter was $1,324 million, $2.98 per diluted share, compared to $1,166 million, $2.62 per diluted share, last year. This year included a tax benefit of $91 million, $0.21 per diluted share, related to stock-based compensation, and a write-off of certain information technology assets of $118 million pre-tax, $0.20 per diluted share. Last year included tax benefits of $145 million, $0.33 per diluted share, and incremental expenses for COVID-19 premium wages of $212 million pre-tax, $0.35 per diluted share.
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Costco has 815 stores worldwide (at the end of fiscal 2021), with most sales derived in the United States (72%) and Canada (14%).
Costco has a 52-week high of $560.78 and a 52-week low of $307.00.
