Costco Wholesale Group reported higher-than-expected profit, and a healthy rise in September sales. Costco, said to be the largest U.S. warehouse club, reported that net profits grew to U.S. $296.8 million, or 62 cents a share, in the fiscal fourth quarter that ended Aug. 29, from $239.4 million, or 51 cents a share, a year earlier.
The earnings beat analysts’ average forecast of 58 cents a share as compiled by Reuters Estimates.
Net sales rose 11 percent in the fourth quarter to $14.83 billion. Comparable warehouse sales during the period gained by 8 percent.
The Issaquah, WA, U.S.-based retailer said that during September, net sales rose 11 percent to $4.53 billion.
This contrasted with a disappointing August when sales rose just 4 percent due to sluggish back-to-school sales. Growth of 7.5 percent had been expected. (Reuters)
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