On Thursday, the Issaquah, Washington-based retailer reported that net sales rose 16.7% year-over-year to $49.42 billion, while earnings per share are up 13.7% to $2.98. Adjusted for non-recurring gains, earnings are at $2.97 per share.
Total profit was at $1.32 billion while revenue rose $50.36 billion from $42.35 billion.
A survey of analysts polled by Factset earlier predicted $2.62 per share on earnings of $49.7 billion. A year ago, the company was at $2.29 per share on revenue of $43.2 billion.
The latest report confirms a strong growth trajectory even as many other retailers have floundered.
Addressing supply chain disruption, CFO Richard Galanti said that there were some challenges that the retailer had to deal with to get products on shelves but was still able to come out strong.
"Each issue ebbs and flows a little bit but overall the factors pressuring supply chains and inflation include port delays, freighter challenges, Covid disruptions, shortages of various components [such as] raw materials, ingredients and even packaging supplies, labor cost pressures and truck driver challenges," Galanti said on the call.
Earlier this month, Costco reported net sales of $18.13 billion for the retail month of November and $49.42 billion for the twelve-week first quarter ending on Nov. 21.
"It's pretty much the same story that we told during each of the last two quarters," Galanti said. "There have been and are a variety of inflationary pressures that we and others are seeing [... but] all that said, much kudos to the job that our merchants and our traffic department and our operators have all been able to do."
At close on Thursday, (COST) - Get Costco Wholesale Corporation Report shares were down 1.09% at $524.33. After the earnings numbers started being to get shared on social media, they rose 1.27% to $531 in after-hours trading.