Costco sales top estimates by $ 1 billion, but misses on same-store sales

Costco Wholesale Corp. brought in $ 1 billion more than expected in revenue in its latest quarter, keeping the retailer on track for its first $ 200 billion year.

Costco COST,
+ 5.65%
reported third-quarter earnings of $ 1.35 billion, or $ 3.04 a share, on sales of $ 52.6 billion, up from profit of $ 2.75 a share on revenue of $ 45.28 billion a year ago. Analysts on average expected earnings of $ 3.04 a share on sales of $ 51.56 billion, according to FactSet.

Through nine months of its fiscal year, Costco has reaped sales of $ 151.97 billion, with analysts projecting annual revenue of $ 223.38 billion. Costco finished last year just short of the $ 200 billion mark, producing revenue of $ 195.93 billion.

The company’s sales increase at stores open at least a year came up short of analysts’ average estimate, however. Same-store sales increased 10.8%, while analysts on average were projecting 11.8%, according to FactSet.

Costco shares declined more than 1% in after-hours trading following the release of the results. The stock has declined 18.1% so far this year, while the S&P 500 index SPX,
+ 1.99%
has fallen 16.5%.

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