Costco Wholesale Q2 Profit Down; February Comps. Flat - Quick Facts

(RTTNews) - Costco Wholesale Corp. (COST) reported that its net income attributable to the company for the second-quarter declined to $546 million, or $1.24 per share, from $598 million, or $1.35 per share, last year. Net income for the quarter last year was positively impacted by a $57 million or $0.13 per share tax benefit in connection with a special cash dividend received by the Company 401(k) plan participants, and was negatively impacted by a $14 million or $0.03 per share tax charge relating to an ongoing income tax matter.

Net sales for the quarter increased three percent, to $27.57 billion from $26.87 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.28 per share and revenues of $28.42 billion for the second-quarter. Analysts' estimates typically exclude special items.

Total comparable sales for the quarter increased 1%, while quarterly comparable sales, excluding the negative impacts from gasoline price deflation and foreign exchange, was up 5%.

For the four-week reporting month of February, ended February 28, 2016, the Company reported net sales of $8.28 billion, an increase of one percent from $8.18 billion during the similar four-week period last year.

Monthly comparable sales was flat, while monthly comparable sales, excluding the negative impacts from gasoline price deflation and foreign exchange, was up 4%.