Costco Wholesale revenue rises 7.3% on coronavirus-induced stockpiling

(Reuters) – Warehouse club operator Costco Wholesale Corp reported a 7.3% increase in quarterly revenue on Thursday, as people stocked up on essentials before hunkering down in their homes to contain the spread of the coronavirus.

Total revenue rose to $37.27 billion from $34.74 billion last year, driven by a jump in online sales.

Net income attributable to Costco fell to $838 million, or $1.89 per share, in the third quarter ended May 10, from $906 million, or $2.05 per share, a year earlier.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Amy Caren Daniel)