Costco earnings up double-digits in 4Q
Cliff Engel -- Home Textiles Today, October 5, 2011
Issaquah, Wash. - Costco Wholesale's profit jumped 10.6% during its recently concluded fourth quarter - falling just shy of expectations but marking the third straight quarter of strong growth.
Net income for the quarter ended Aug. 28 was $478 million, or $1.08 per shared, compared to net income of $432 million, or 97 cents per share, during the year-ago period.
Sales jumped 17% to $23.6 billion, with U.S. merchandise comps (excluding the impact of gasoline sales) up 6%.
Net income for the fiscal year climbed 12.3% to $1.46 billion, or $3.30 per share. Sales rose 14% to $87 billion, with merchandise comps in the U.S./ up 5%.
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