Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat.
Net profit was $951 million or $2.14 per share in the second quarter, up from $931 million or $2.10 per share recorded in the same period of last year. Analysts had forecast a faster growth.
Net sales grew by 14.7% to $43.89 billion during the three-month period, aided by an13% increase in comparable-store sales. Total revenues were up 15% year-over-year. The top-line exceeded the consensus forecast.
Costco’s stock closed Thursday’s trading lower and continued to lose in the after-hours, soon after the announcement.
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