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Costco stock falls as retailer’s sales pace slows

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Costco Wholesale Corp. late Thursday reported quarterly results and sales that topped Wall Street expectations, but the stock headed lower as same-store sales growth slowed.

Costco
COST,
+0.96%

said it earned $1.3 billion, or $2.92 a share, in the fiscal second quarter, compared with earnings of $951 million, or $2.14 a share, in the year-ago quarter.

Revenue rose to $51.9 billion, from $44.8 billion a year ago.

An earlier-than-usual Lunar New Year holiday this year negatively impacted February’s sales, Costco said.

FactSet consensus called for earnings of $2.76 a share on sales of $51.5 billion.

Fiscal second-quarter same-store sales rose 14.4%, the retailer said, beating FactSect consensus around a 12% rise but a drop from fiscal first quarter’s 14.9% rise.

Shares of Costco lost 1.3% in the extended session, after ending the regular trading day up 1%.

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