02:58 PM EDT, 09/27/2024 (MT Newswires) -- Costco Wholesale's ( COST ) fiscal Q4 earnings were driven by "stronger gross profit" from its gas and e-commerce businesses that offset higher than expected expenses and lower interest income, Oppenheimer said in a note emailed Friday.

The company reported fiscal Q4 earnings late Thursday of $5.29 per diluted share, up from $4.86 a year earlier and ahead of analysts' consensus of $5.06.

Costco's US comparable sales excluding gas were up 6.3% in Q4 and global adjusted total company comparable sales excluding gas rose 6.9% driven by gains in Canada and other international regions, according to the note.

The firm said it is adjusting Costco's estimates upward based on stronger-than-expected profitability from ancillary businesses, particularly in e-commerce in Q4.

Oppenheimer reiterated its outperform rating on Costco's stock and kept the price target at $955.

Shares of the company were down almost 2% in recent trading.

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