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Costco beats expectations for Q3 GAAP EPS, net income

Costco Wholesale Corp. fiscal third-quarter as-reported EPS and net income beat analyst expectations May 30 as the retailer's comparable sales for the quarter grew faster than expected.

Diluted EPS of $2.05 surpassed the S&P Global Market Intelligence mean consensus estimate for GAAP EPS of $1.82. Net income attributable to Costco of $906 million beat the Market Intelligence mean consensus estimate for GAAP net income of $799.7 million.

Comparable sales grew 5.5% during the quarter ended May 12, a faster increase than the Market Intelligence estimate of 4.88%. Comparable sales advanced 5.6% excluding the effects of foreign currencies, fuel prices and an accounting change related to revenue recognition.

Net sales, which exclude revenue that the Issaquah, Wash.-based retailer received from annual membership fees, grew 7.4% to $33.96 billion.

Shares of Costco were 1.1% lower at $239 in after-hours trading on May 30.