Costco’s profit up 16% in Q4
Issaquah, Wash. Costco reported Wednesday that it earned $432 million for the period ended Aug. 29, up from $374 million a year ago, as revenue growth in international markets was more than double the gain in the United States. Its results beat analysts' estimates.
Revenue rose 8% to $24.13 billion, helped by more money from membership fees. The figure missed Wall Street's projected $24.23 billion.
Same-store sales rose 6%. Excluding the effects of higher gas prices and changes in currency exchange rates, the figure rose 4%.
For the year, net income increased 19% to $1.3 billion, compared with $1.09 billion a year earlier.
Annual revenue rose 9.1% to $77.95 billion.
Revenue from sales at clubs open at least a year increased 7% for fiscal 2010. Removing higher gas prices and changes in currency exchange rates, the metric rose 4%.
Costco, runs 573 warehouses, including 417 in the United States and Puerto Rico; 79 in Canada; 22 in the United Kingdom; seven in Korea; six in Taiwan; nine in Japan; one in Australia; and 32 in Mexico.