Costco (Nasdaq: COST) posts Q2 record revenue as online sales surge 75.8%

Costco Wholesale Corporation (Nasdaq: COST) today announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2021, ended February 14, 2021.

Net sales for the quarter increased 14.7 percent, to $43.89 billion, from $38.26 billion last year. Net sales for the first 24 weeks increased 15.8 percent, to $86.23 billion, from $74.49 billion last year.

Comparable sales for the second quarter fiscal 2021 were as follows:

12 Weeks 12 Weeks 24 Weeks 24 Weeks
Adjusted* Adjusted*
U.S. 11.4% 12.6% 13.0% 14.7%
Canada 13.4% 10.6% 14.8% 13.6%
Other International 21.5% 17.7% 20.2% 17.7%
Total Company 13.0% 12.9% 14.2% 15.0%
E-commerce 75.8% 74.8% 80.4% 79.7%
*Excluding the impacts from changes in gasoline prices and foreign exchange.

Net income for the quarter was $951 million, or $2.14 per diluted share, which includes $246 million pretax, or $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Last year’s second quarter net income was $931 million, or $2.10 per diluted share. Net income for the first 24 weeks was $2.12 billion, or $4.76 per diluted share, compared to $1.77 billion, or $4.00 per diluted share, last year.

For the four-week reporting month of February, ended February 28, 2021, the Company reported net sales of $14.05 billion, an increase of 15.2 percent from $12.20 billion last year. For the twenty-six week period ended February 28, 2021, net sales were $93.16 billion, an increase of 15.4 percent from $80.76 billion last year.

Comparable sales for the February and year-to-date periods ended February 28, 2021, were as follows:

4 Weeks 4 Weeks 26 Weeks 26 Weeks
Adjusted* Adjusted*
U.S. 10.3% 10.3% 12.4% 14.0%
Canada 21.6% 15.7% 15.0% 13.5%
Other International 25.7% 20.6% 20.0% 17.2%
Total Company 13.8% 12.3% 13.8% 14.3%
E-commerce 91.1% 89.4% 81.0% 80.3%
*Excluding the impacts from changes in gasoline prices and foreign exchange.

Costco currently operates 804 warehouses, including 558 in the United States and Puerto Rico, 103 in Canada, 39 in Mexico, 29 in the United Kingdom, 27 in Japan, 16 in Korea, 14 in Taiwan, 12 in Australia, three in Spain, and one each in Iceland, France, and China. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.


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