For the quarter ended Nov. 22 the Issaquah, Wash., company reported adjusted earnings of $2.29 a share compared with the consensus estimate of $2.09 a share in a FactSet survey. Revenue of $43.21 billion beat the estimate of $43.08 billion.
First-quarter comparable sales rose 15.4% against the FactSet call for 15.3%.
The shares at last check were 0.5% higher at $374.70. They have been in and out of positive territory after finishing the regular Thursday session off 0.4% at $372.79.
E-commerce sales jumped 86.4% year over year as the company focused on its digital business amid the in-store disruption caused by coronavirus-related lockdowns across the country.
Last week, Costco shares fell after the company reported softening same-store-sales growth in November. Comparable sales rose 14.6% in the month compared with 16.5% in October.
However, November comparable sales were ahead of Costco’s fourth-quarter result of a rise of 11%.
Last week, Oppenheimer analysts said, “We believe the slowdown could have been impacted by a pull-forward in demand. U.S. traffic remained robust, increasing 8.4%. [Given that the shares are] trading essentially consistent with all-time highs, we would expect some weakness [Thursday]. Costco remains a top pick for us.”
The firm has an outperform rating and $400 price target on the company.