From CNBC:

Costco missed revenue expectations for the holiday quarter but reported year-over-year sales growth and e-commerce gains. Net income rose to $1.74 billion with earnings per share at $3.92, revenue of $58.44 billion. Comparable sales increased 5.6% globally, with more shoppers spending more on their trips. Operating 875 locations worldwide, Costco saw shares fall 4% after the report. The stock reached a 52-week high earlier the same day.

Costco’s second quarter saw online sales growing 18.4% with changes to the website and a new mobile app homepage. E-commerce sales gains momentum especially for big-ticket items. The marketplace, Costco Next, allows members to buy directly from suppliers at a discounted price. Galanti said app downloads rose by 2.8 million, totaling about 33 million.

Costco’s new membership sign-ups have increased as the company cracks down on membership sharing. More checking of membership cards is required to ensure it matches the shopper. While Costco has not yet raised its membership fees, Galanti mentioned it’s a matter of when, not if. The CFO joked that it will be a task for his successor, Gary Millerchip, the former CFO of Kroger, after he takes over in mid-March.



Read more at CNBC: Costco (COST) Q2 2024 earnings