By Dhirendra Tripathi
Investing.com – Costco stock (NASDAQ:COST) traded 6% higher Friday after the company’s first-quarter results easily topped estimates and the retailer said it is doing all it can to keep its shelves stocked in the holiday season.
According to Bloomberg, Chief Financial Officer Richard Galanti said he is pleased with the company’s ability to keep its shelves stocked despite shipping snarls. He did say some inventory may not be able to make it before Christmas.
Factory shutdowns, shipping delays, congestion at ports, the unavailability of truck drivers and higher staff and other costs have hurt practically every retailer.
In Costco’s case, while it has tried to overcome those challenges, it has also recently benefited from people giving a break to online shopping and returning to stores to pick up their stuff.
Total revenue in the first quarter ended November 21 rose around 17%, to over $50 billion. This included net sales and membership fees.
Comparable sales, excluding the impact of fuel and currency fluctuations, jumped 10% in the quarter.
Adjusted profit per share was $2.98 and was higher by 14% from last-year quarter’s