Costco Third-Quarter Earnings, Sales Rise
Wednesday May 28, 4:25 am ET
NEW YORK (Reuters) - Costco Wholesale Corp. (NasdaqNM:COST - News), the largest U.S. warehouse club operator, on Wednesday posted higher third-quarter earnings, helped by sales of gasoline and high-end merchandise.
[Harry: This supports the consumer confidence numbers. People are still buying luxury goods despite the weak economy. It is a good reflection that people percieve that the economy is stable and possibly improving. I am not sure that is the case give the recent layoff that have not worked their way into the numbers yet.]
The Issaquah, Washington-based retailer said it earned $153.8 million, or 33 cents per share, in the third quarter ended May 11. That compares with earnings of $130.4 million, or 28 cents per share, in the same period a year ago.
Analysts on average were expecting Costco to earn 31 cents per share, according to research firm Thomson First Call (News - Websites). Costco had forecast third-quarter earnings in a range of 30 cents to 32 cents per share.
Quarterly net sales rose 11 percent to $9.34 billion. Total revenue, which includes membership fees and other revenue, rose to $9.54 billion from $8.62 billion a year earlier. On a comparable basis, sales at stores open at least a year rose 6 percent in the quarter. |
