Warehouse behemoth Costco Wholesale Corporation (NASDAQ: COST) has reported a double-digit increase in second-quarter earnings and revenues. The numbers also surpassed the consensus estimates.
Revenues increased 16% year-over-year to $51.9 billion and came in above analysts’ forecast. Total comparable store sales grew 14.4%, while e-commerce sales rose 12.5%.
The impressive top-line performance translated into a net income of $1.30 billion or $2.92 per share, which is higher than $951 million or $2.14 per share reported in the second quarter of 2021. The market was looking for a smaller number for the latest quarter.
Read management/analysts’ comments on Costco’s Q2 2022 earnings
Over the past twelve months, Costco’s shares gained about 66%. The stock traded lower on Friday afternoon after opening the session at $519.50.
