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4-Traders Homepage  >  Equities  >  Nasdaq  >  Costco Wholesale Corporation    COST

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167.97 USD   +0.30%
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COSTCO WHOLESALE : Costco profit drops 27 percent

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03/04/2009 | 10:32am CEST

Costco Wholesale Corp said on Wednesday its second-quarter profit fell 27 percent, as the No.1 U.S. warehouse club operator cut prices to win market share during the year-end holiday season.

Costco said profit was $239.7 million, or 55 cents per share, for its fiscal second quarter ended February 15, compared with $327.9 million, or 74 cents per share, a year earlier.

Analysts had on average expected earnings of 60 cents per share, according to Reuters Estimates.

Quarterly sales fell 1 percent to $16.49 billion, excluding membership fees, which increased about 4 percent to $355.6 million. Sales at clubs open at least a year, a key retail gauge known as same-store sales, fell 3 percent.

The retailer said same-store sales in February also fell 3 percent. Analysts were expecting February same-store sales to fall 2.7 percent.

"Our quarterly results were hurt by the continued weakness in non-foods sales and related margins. Margins in foods and non-foods were also negatively affected by increased pre-holiday seasonal markdowns and other selective price reductions to drive sales and increase market share," Chief Financial Officer Richard Galanti said in a statement.

Costco has said it would be aggressive in cutting prices or delaying price increases to retain its shoppers during the recession, though Wall Street analysts have said that strategy would hurt profits.

Last month, it said second-quarter results would be "substantially below" the First Call consensus of 70 cents a share after it reduced prices to attract shoppers during the holiday season.

(Reporting by Ratul Ray Chaudhuri in Bangalore, additional reporting by Nicole Maestri in New York, editing by Will Waterman)

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Financials ($)
Sales 2016 119 238 M
EBIT 2016 3 679 M
Net income 2016 2 340 M
Finance 2016 725 M
Yield 2016 0,90%
P/E ratio 2016 31,59
P/E ratio 2017 27,99
EV / Sales 2016 0,61x
EV / Sales 2017 0,56x
Capitalization 73 363 M
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Costco Wholesale Corporati Technical Analysis Chart | COST | US22160K1051 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 169 $
Spread / Average Target 0,95%
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Walter Craig Jelinek President, Chief Executive Officer & Director
Jeffrey H. Brotman Chairman
Roger A. Campbell Senior Vice President- International Operations
Richard A. Galanti CFO, Director & EVP-Investor Relations
Paul G. Moulton Chief Information Officer & Executive VP
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