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Costco Q3 profit climbs 19%; to open nine clubs by September
RETAILER NEWS
ChainStoreAge.com - May 31st, 09:48
Issaquah, Wash. -- Costco Corp. reported Thursday that net income for the quarter ended May 12 increased a higher-than-expected 19% on increased sales and member fees. The wholesale club operator earned $459 million in the third quarter, up from $386 million in the year-ago period.
Revenue rose 8% to $24.08 billion, just missing Wall Street’s forecast of $24.09 billion. Revenue from membership fees climbed to $531 million from $475 million, and same-store sales rose 5% overall and 6% in the U.S.
The company said it plans to open nine warehouses prior to the end of its fiscal year on Sept. 1.
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