Summary by Futu AI
Costco Wholesale Corporation (Costco) reported its financial results for the second quarter and first half of fiscal 2024 on March 7, 2024. The report highlighted a 5.7% increase in net sales for the quarter, reaching $57.33 billion, and a 5.9% increase for the first 24 weeks, totaling $114.05 billion. These figures were slightly impacted by the shift in the fiscal calendar due to an extra week in the previous year. Comparable sales also saw increases across various regions, with e-commerce sales notably rising by 18.4% for the quarter. Net income for the quarter was reported at $1,743 million, or $3.92 per diluted share, which included a tax benefit related to a special dividend. The first 24 weeks net income stood at $3.33 billion, or $7.49 per diluted share. Costco also reported an increase in February sales and provided updates on its warehouse operations, including a total of 875 warehouses globally and various e-commerce sites. The company held a conference call to discuss these results and issued a forward-looking statement cautioning about potential risks and uncertainties that could affect future performance.