Costco Profit Surpasses Estimates; Shares Advance

Costco Wholesale Corp., the largest U.S. warehouse-club chain, posted third-quarter profit that exceeded analysts’ projections, helped by surging sales at stores outside the U.S. The stock rose the most in eight months.

Net income climbed to 68 cents a share in the three months ended May 9, the Issaquah, Washington-based company said today in a statement. That compared with the 66-cent average of estimates compiled by Bloomberg.

Costco shoppers pay an annual fee for discounts on groceries and other basics, as well as on pricier goods such as designer handbags and home furnishings. Higher gasoline prices and stronger foreign currencies helped boost sales by more than 12 percent. More than a quarter of Costco’s 568 warehouses are outside of the U.S., with outlets in Canada, Mexico and the U.K.

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- Posted: 2010-05-27 10:48:30

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