Costco Wholesale, the second-largest U.S. retailer, reported fourth-quarter earnings that topped analysts’ estimates as the warehouse-club chain continues to attract new members.
Net income rose 10 per cent to $767 million, or $1.73 a share, the Issaquah, Washington-based company said Tuesday in a statement. Analysts estimated $1.66 a share, on average.
Costco, which focuses on selling large volumes of goods to its members at low prices, has been performing better than rivals recently. While customers have complained about empty shelves and messy stores at Wal-Mart Stores, Costco has continued to pick up discount shoppers. Costco’s sales rose 1 per cent to $35 billion, helped by a 2.2 per cent gain in membership fees.
Bloomberg News, edited by ESM
