Costco net income climbs 6%
Source: Agencies |
May 26, 2011, Thursday
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Print Edition
Print Edition
COSTCO'S net income rose 6 percent in its fiscal third quarter, the company said yesterday, with growing membership numbers pushing sales both at home and abroad.
The United States' biggest wholesale club has been among the top performers during the down economy and now, with more discretionary income in the pockets of shoppers, Costco had capitalized on the additional free spending.
Costco posted earnings of US$324 million, or 73 US cents per share, for the period ended May 8. That's up from US$306 million, or 68 US cents per share, a year ago.
The current quarter's results included an inventory charge of 7 US cents per share.
Analysts polled by FactSet, who exclude one-time charges, expected earnings of 77 US cents per share.
Revenue climbed 16 percent to US$20.62 billion from US$17.78 billion, just edging out Wall Street expectations.
The United States' biggest wholesale club has been among the top performers during the down economy and now, with more discretionary income in the pockets of shoppers, Costco had capitalized on the additional free spending.
Costco posted earnings of US$324 million, or 73 US cents per share, for the period ended May 8. That's up from US$306 million, or 68 US cents per share, a year ago.
The current quarter's results included an inventory charge of 7 US cents per share.
Analysts polled by FactSet, who exclude one-time charges, expected earnings of 77 US cents per share.
Revenue climbed 16 percent to US$20.62 billion from US$17.78 billion, just edging out Wall Street expectations.
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