Costco Reports Q1 Sales Beat, Sees 86% E-Commerce Growth

Costco Reports Q1 Sales Beat, Sees 86% E-Commerce Growth

Photo credit: Tony Webster, via Wikimedia Commons

Costco Wholesale Corporation COST reported fiscal first-quarter earnings after market close Thursday.

What To Know: Costco's first-quarter revenue came in at $42.35 billion, up 16.9% year-over-year. The total came in shy of analysts’ estimates of $42.40 billion.

Earnings per share in the first quarter were $2.12, beating the Street consensus of $2.05.

Costco reported same-store sales up 15.4% year-over-year. E-commerce sales were up 86% year-over-year in the first quarter.

Why It’s Important: Costco shares are up 27% in 2020. The company has been seen as a winner in the retail space during the pandemic.

The last three analyst ratings on Costco have all had price targets above the $400 level. The strong first quarter could lead to updated price targets from analysts.

COST Price Action: Shares of Costco closed Thursday's session at $372.79 and were little changed in after-hours trading.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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