Costco Posts Somewhat Soft Start to Fiscal 2017, but Long-term Outlook Intact; Shares Slightly Rich
We do not plan to make a large change to our $143 per share valuation for wide moat-rated Costco after the firm announced tepid first-quarter results. The company posted 1% comparable sales growth--2% excluding the impact of gas prices and foreign exchange--which trails our 3.8% full-year expectation. The firm’s operating margin also lagged somewhat, at 3.1% versus our forecast 3.2% full-year target. Despite the short-term challenges, we do not anticipate changing our long-term outlook, which ca...Costco Wholesale and its subsidiaries are principally engaged in the operation of membership warehouses based on the concept of providing its members low prices on a selection of nationally branded and private-label products. The company's merchandise are: food and sundries, which include dry foods, packaged foods, and groceries, snack foods, candy, alcoholic and nonalcoholic beverages, and cleaning supplies; hardlines, which include appliances, electronics, health and beauty aids, hardware, and garden and patio; fresh food, which include meat, produce, deli, and bakery; softlines, which include apparel and small appliances; and ancillary, which include gas stations and pharmacy businesses.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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