Costco earnings top Wall Street estimates, but stock falls

Costco Wholesale Corp. shares slipped in the extended session Tuesday even after the membership warehouse chain reported quarterly results that topped Wall Street estimates.

Costco COST, -1.01% shares fell 1.5% after hours, following a 1% decline in the regular session to close at $552.96. Costco reported fourth-quarter net income of $2.16 billion, or $4.86 a share, compared with $1.87 billion, or $4.20 a share, in the year-ago period.Analysts on average expected earnings of $4.82 a share on revenue of $78.81 billion, according to FactSet.

Sales at stores open for at least a year rose 1.1%, or 3.8% adjusted for gasoline and currency, compared with the 3.5% Street estimates. Total annual revenue rose to $242.29 billion from $226.95 billion in the previous fiscal year. Analysts were forecasting $252.93 billion in revenue.

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