Costco Reports Higher Quarterly Revenue and Profit

Investing.com — Costco Wholesale Corp (NASDAQ:COST) reported increased quarterly revenue and better-than-expected profit on Thursday, as budget-conscious consumers turned to its warehouses for low-priced groceries and discretionary items.

The company’s shares rose nearly 1% to $997 in extended trading.

Total revenue increased nearly 7% to $62.15 billion for the quarter ending November 24, although analysts had estimated it to be $62.33 billion.

Costco’s profit was noteworthy, with earnings per share at $4.04, surpassing market expectations of $3.78 and higher than $3.58 reported a year prior.