Membership-only warehouse club operator Costco (COST) reported a 10.7% spike in sales for the quarter, while earnings jumped 36.1%, driven by a benefit of $0.17 a share from the U.S. tax overhaul. For the second quarter, revenue increased to $32.2 billion from $29.1 billion a year ago. The sales surge was helped by an incremental sales day in the quarter due to the shift of Thanksgiving.
Costco’s total comparable sales rose by 8.4% across the company, or 5.4% without the effects of gas, inflation and foreign exchange. For e-commerce, comparable sales increased by 28.5%, or 27.3% without the effects of gas, inflation and foreign exchange.
(A detailed report will follow shortly)