Costco soars after a strong quarter
Costco shares soared 3 percent Friday after the wholesale warehouse club reported better-thanexpected fourth-quarter earnings.
The Issaquah, Washington company operates 715 warehouse stores world-wide, including 501 in the U.S. Costco said it made $779 million in its fiscal fourth quarter, on sales of $35.7 billion. That was up from $767 million in profit on sales of $35 billion a year earlier.
Costco reported earnings per share of $1.77, well above the $1.72 that analysts had forecast.
Costco’s results for the three months ending Aug. 28 were roughly in-line with earnings reported earlier by rival Wal-Mart Stores. Other retailers, like Minneapolis-based Target, have fared worse in recent months, blaming factors including struggles with reinventing its food offerings.