Summary by Moomoo AI
Costco Wholesale Corporation reported a robust financial performance for the second quarter of 2024, with net sales increasing by 6% to $57,331 million compared to the same period in 2023. This growth was driven by a 6% rise in comparable sales and the addition of 26 new warehouses. Membership fee revenue also saw an 8% increase, reaching $1,111 million, attributed to new member sign-ups, upgrades to Executive Membership, and a higher renewal rate. Gross margin percentage saw a slight uptick of eight basis points, while SG&A expenses as a percentage of net sales increased marginally by three basis points. Net income for the quarter stood at $1,743 million, or $3.92 per diluted share, up from $1,466 million, or $3.30 per diluted share in the previous year. The company declared a...Show More