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Costco Delivers Earnings Beat as Digital Sales Jump 20% [Video]

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Ecommerce

Costco Wholesale (COST) reported fiscal third-quarter earnings after the bell Thursday that surpassed analyst expectations, with sales growing 9% year-over-year, driven by a 20.7% bump in online sales.

The warehouse retailer posted total revenue of $58.52 billion, up just over 9% from the third quarter last year, and above the $57.92 billion analysts had projected, according to estimates compiled by Visible Alpha.

Net income came in at $1.68 billion, up nearly 30% year-over-year. Diluted earnings per share of $3.78 rose from $2.93 in the year-ago period. Both also beat analysts’ projections.

Investors will hear from Costco’s new chief financial officer (CFO) in the company’s earnings call for the first time Thursday, with former Kroger (KR) CFO Gary Millerchip assuming the role during the latest quarter. Longtime CFO Richard Galanti stepped down from the position in March after a nearly four-decade run as the retailer’s top finance executive.

In the weeks leading up to Costco’s …

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