Costco, which is the nation's biggest warehouse club operator, has seen the number of customers in its clubs grow as shoppers hunt for deals in the weak economy. It announced Oct. 6 it earned $432 million, or 97 cents per share, for the period ended Aug. 29. That's up from $374 million, or 85 cents per share, a year ago. This beat analysts' estimates of 95 cents per share, according to Thomson Reuters.
Revenue increased 8% to $24.13 billion, helped by more money from membership fees. That missed Wall Street's projected $24.23 billion.
Revenue from sales at clubs open at least a year climbed 6%. Excluding the effects of higher gas prices and changes in currency exchange rates, the figure rose 4%. The figure is a key measurement of a retailer's health because it measures results at existing stores rather than newly opened ones.
For the year, net income increased 19% to $1.3 billion, or $2.92 per share, compared with $1.09 billion, or $2.47 per share, a year earlier. Annual revenue rose 9.1% to $77.95 billion.
Revenue from sales at clubs open at least a year increased 7% for fiscal 2010. Removing higher gas prices and changes in currency exchange rates, the metric rose 4%.