Costco Reports 8% Sales Increase In Latest Quarter
US retailer Costco has reported that its net sales increased by 8% to $28.22 billion for its third quarter ending 7 May 2017.
Net sales for the first 36 weeks of the fiscal year 2017 were also up, increasing 6% to $84.82 billion.
Overall, net income from this quarter was $700 million, or $1.59 per diluted share, compared to $545 million, or $1.24 per share in the same period last year.
Last month the wholesale chain announced that it plans to return $3.1 billion to shareholders through the payment of a special dividend.
Costco currently operates 732 warehouses, including 510 in the United States and Puerto Rico, 95 in Canada, 37 in Mexico, 28 in the United Kingdom, and 25 in Japan.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.