Costco Wholesale (COST) Misses Q2 EPS by 19c, Increases Annual Membership Fees

March 2, 2017 4:16 PM EST

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(Updated - March 2, 2017 4:17 PM EST)

Costco Wholesale (NASDAQ: COST) reported Q2 EPS of $1.17, $0.19 worse than the analyst estimate of $1.36. Revenue for the quarter came in at $29.13 billion versus the consensus estimate of $29.86 billion.

Comparable sales for these periods excluding the impacts from changes in gasoline prices and foreign exchange were as follows:

12 Weeks 24 Weeks
U.S. 3% 2%
Canada 2% 3%
Other International 3% 3%
Total Company 3% 2%

The Company also announced that, effective June 1, 2017, it will increase annual membership fees by $5 for U.S. and Canada Goldstar (individual), Business, and Business add-on members (“Primary” Members). With this increase, all U.S. and Canada Goldstar, Business and Business add-on members will pay an annual fee of $60. Also effective June 1, annual fees for Executive Memberships in the U.S. and Canada will increase from $110 to $120 (Primary membership of $60, plus the Executive upgrade of $60), and the maximum annual 2% reward associated with the Executive Membership will increase from $750 to $1,000. The fee increases will impact around 35 million members, roughly half of them Executive Members.

For earnings history and earnings-related data on Costco Wholesale (COST) click here.

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