Costco soars af­ter a strong quar­ter

Daily Freeman (Kingston, NY) - - BUSINESS -

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.

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