Costco Wholesale Corp.’s sales climbed again in the latest quarter as Americans continue to shop for food and goods for the home during the pandemic.
The wholesale retail chain’s revenue rose to $44.77 billion in the quarter ended Feb. 14, a 15% increase from the year-earlier period, topping analysts’ projections of $43.7 billion.
Comparable sales, accounting for stores or digital channels operating for at least 12 months, increased 12.9% during the February quarter, excluding the impact of gasoline sales and currency movements. The retailer’s e-commerce sales rose 74.8% from the prior year as adjusted.
Big-box retailers including Walmart Inc. and Target Corp. have generally fared well amid the coronavirus crisis, offering pandemic-weary shoppers one-stop shopping and in some cases, easy buy online, pick up in store and parking lot options.
The company made a profit of $951 million, or $2.14 a share, for the quarter, up from $931 million, or $2.10 a share, in the comparable period last year. Analysts were targeting $2.45 a share.
