Retail giant Costco Wholesale Corporation (NASDAQ: COST) has reported better-than-expected results for the second quarter ended February 13, 2022. Solid revenue growth drove the overall results.
However, following the results, shares of the company declined 2.9% to close at $517.55 in Thursday’s extended trading session.
Revenue & Earnings
Costco reported quarterly revenue of $51.9 billion, up 16% year-over-year. The figure also surpassed the consensus estimate of $51.47 billion. Net sales grew 16.1% year-over-year to $50.9 billion.
The company reported quarterly earnings of $2.92 per share, up 36.4% year-over-year. Further, the figure surpassed the consensus estimate of $2.74 per share.
The company operates 828 warehouses with 572 in the United States and Puerto Rico.
Stock Rating
Consensus among analysts is a Strong Buy based on 17 Buys and 4 Holds. The average Costco stock prediction of $578.15 implies upside potential of 8.5% from current levels. Shares have gained 67.1% over the past year.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Costco’s performance this quarter.
According to the tool, year-to-date, the Costco website traffic recorded a fall of 21.34%, compared to the previous year.
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