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COST Earnings: Costco Q1 2024 profit beats estimates; revenue up 6%

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Costco Wholesale Corporation (NASDAQ: COST), which operates a chain of membership warehouses, on Thursday reported stronger-than-expected net profit for the first quarter of 2024.

Revenues increased to $58.0 billion in the first three months of 2024 from $54.4 billion in the corresponding period of 2023. Total comparable store sales grew 3.8% during the three months.

Net income came in at $1.59 billion or $3.58 per share in the November quarter, compared to $1.36 billion or $3.07 per share in the first quarter of the prior year. The bottom line surpassed Wall Street’s estimates.

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