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Costco’s profit is growing, and it is being helped by its shopping habits

ISSAQUAH – Warehouse retailer Costco Wholesale says its second-quarter fiscal tax profit has risen slightly from the previous year, with payroll bonuses paid to employees during the epidemic.

For the quarter ended Feb. 14, a quarter of which Costco boosted online shopping, the company said it earned $ 951 million, or $ 2.14 a share. That compares with a profit of $ 931 million, or $ 2.10 per share for the same period last year.

However, the results fell short of analysts’ expectations, delaying Kostko’s shares by about 2% during trading. Shares closed at $ 319.04 on Thursday, down 1.5%.

The average rating of 13 analysts surveyed by Zacks Investment Research was $ 2.42 per share in the last quarter.

Costco says its COVID-19 payment for its employees reduced its earnings by 41 cents per share. Last week, CEO Craig el-Elinek said he would take back an extra $ 2 this week, but at the same time raise his minimum wage to $ 16 an hour.

Costco is a retailer that has mainly benefited from the epidemic as Americans living in the home have collected large quantities of goods. The company is also seeing a surge in online shopping, with a network known primarily for its mammoth warehouses.

E-commerce revenues increased by 75% compared to the same period last year in the quarter ended February 14.

The warehouse club operator had total revenue of $ 44.77 billion during that period, exceeding Wall Street forecasts. Six analysts surveyed by Acks Ax expected $ 44.5 billion.

This report used contributions from The Breaking National’s Breaking National բիզնես Breaking National archives.

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