Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the fourth quarter of 2020, reflecting a marked increase in merchandise sales. The results also topped analysts’ expectations.
Net profit was $1.39 billion or $3.13 per share in the final three months of fiscal 2020, up from $1.1 billion or $2.47 per share recorded in the same period of last year. Analysts had forecast a slower growth.
Net sales grew by 13% to $52.28 billion during the three-month period, aided by an 11.4% increase in comparable-store sales. Total revenues were up 12% year-over-year. Costco’s stock closed Thursday’s trading higher but declined in the after-hours session.
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