Shares of Costco (NASDAQ:COST) gained slightly in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $3.43, which beat analysts’ consensus estimate of $3.31 per share. Sales increased by 2% year-over-year, with revenue hitting $53.65 billion. This missed analysts’ expectations of $54.58 billion.
Costco’s segment data revealed gains on nearly every front except one: e-commerce. U.S. comparable sales were up 1.8%, while Canadian sales gained 7.4%. International sales added 8.4%, and total company comparable sales were up 3.5%. E-commerce, however, slipped 9%, suggesting that shoppers are eschewing online in favor of stores but on something of a lower percentage overall. Net sales, meanwhile, were up 1.9% overall against this time last year.
Overall, Wall Street has a consensus price target of $540.55 on Costco stock, implying 11.10% upside potential, as indicated by the graphic above.
