Costco profit rises, beating expectations

Costco Wholesale Corp (COST.O) posted higher quarterly profit on Wednesday as consumers began spending more on discretionary items such as apparel.

Net income rose to $432 million, or 97 cents a share, in the fiscal fourth quarter ended August 29, from $374 million, or 85 cents a share, a year earlier.

Quarterly sales rose 8 percent to $23.59 billion.

Analysts had forecast a profit of 95 cents a share, on revenue of $24.23 billion, according to Thomson Reuters I/B/E/S.

The largest U.S. warehouse club operator also said same-store sales rose 4 percent in September, excluding the impact of gasoline sales.

Read Full Article from Reuters

- Posted: 2010-10-06 04:47:51

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