Shares of Costco (NASDAQ: COST) traded 1% lower in pre-market trading on Friday, even though the warehouse retailer posted quarterly earnings and revenue that exceeded Wall Street forecasts.
The company reported fiscal fourth-quarter earnings of $5.87 per share, topping consensus expectations of $5.81. Strong customer traffic and solid sales helped offset higher costs during the period.
Revenue came in at $86.16 billion, slightly above analyst estimates of $86.08 billion. Excluding fuel, same-store sales increased 6.4%, just shy of the 6.44% projection.
Net income rose to $2.61 billion for the quarter ended August 31, compared with $2.35 billion a year earlier. Net sales grew 8% year-on-year to $84.4 billion.
