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Costco fiscal Q2 net profit beats Street expectations

Costco Wholesale Corp.'s fiscal second-quarter net income beat analyst expectations as the retailer's same-store sales continued to grow, the company reported March 7.

The Issaquah, Wash.-based company said net income attributable to Costco for the 12 weeks ended Feb. 18 was $701 million, beating both the mean consensus estimate of $657.86 million compiled by S&P Capital IQ and the $515 million the company reported for the same quarter in fiscal 2017.

Diluted EPS for the quarter was $1.59, beating the mean consensus estimate of $1.51 compiled by S&P Capital IQ.

The retailer's net sales totaled $32.28 billion, higher than the $29.13 billion it reported for the year-ago period. Net sales exclude the amount that the retailer collects in customer membership fees.

The second quarter in fiscal 2018 did not include pre-Thanksgiving and Black Friday sales from November 2017, which were included in the company's first-quarter results due to a change in its financial calendar, Costco said in a statement summarizing its results released after the U.S. market closed March 7.

The shift weighed on Costco's sales by 1.4%, though total sales were still higher than the year-ago period.

Including the impacts of foreign exchange and gasoline prices, same-store sales rose 8.4% for the quarter, higher than the 7.6% consensus mean estimate compiled by S&P Capital IQ.