Shares of Costco (NASDAQ:COST) lost over 2% in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $3.30, which beat analysts’ consensus estimate of $3.21 per share. Sales increased by 6.5% year-over-year, with revenue hitting $55.27 billion. This missed analysts’ expectations of $55.61 billion.
Adjusted comparable sales showed gains on several fronts. U.S. comparable sales were up 5.8%, while Canadian sales were up 9.6%. International sales increased by 9.5%, and for the overall company, sales jumped by 6.8%. The only real laggard was e-commerce sales, which fell 8.7%. In February, Costco posted sales of $17.06 billion, which was up 4.7% year-over-year. Figures got a boost from Chinese New Year, which hit 10 days earlier than it did last year and fueled more spending.
Overall, Wall Street has a consensus price target of $559 on Costco, implying 15.09% upside potential, as indicated by the graphic above.
