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Costco Wholesale Corp. evaluates its internal control over its financial reporting, a warning that has depressed the retailer 's stock more after normal trading hours.
The company said in a statement on Thursday that it planned to report a significant weakness in its internal controls, as it relates to its computer systems. Costco added that its assessment focused on "User Access Domains and Program Change Management versus some information technology systems that support the company's financial reporting processes." ".
On Thursday, Costco said it did not find any anomalies in its financial reports. He added that he was still considering filing his annual financial report with the Securities and Exchange Commission as soon as possible.
The retailer's shares fell nearly 3% in post-market news transactions. Earlier in the day, stocks were down 0.7%, closing at $ 231.68.
Costco is trying to address the material weakness, he added. The company expects this process to be completed by the end of its next fiscal year.
For the quarter ended September 2, Costco posted earnings of $ 1.04 billion, or $ 2.36 per share, as the retailer took advantage of the consolidation of its economy. Profits increased by almost 14% compared to the previous year. Analysts expect Costco to earn $ 2.36 a share for the quarter, according to FactSet.
The company's total revenue rose 5 percent to $ 44.4 billion, surpassing the $ 44.2 billion expected by analysts, Costco said. The retailer generated net sales of $ 43.4 billion in its 762 warehouses, while membership fees totaled $ 997 million.
Comparable sales growth for the quarter was 9.5%. Analysts expected a gain of 9.1% on this measure.
Write to Micah Maidenberg at [email protected]
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