Costco Fourth-Quarter Profit, Sales Rise

Costco Wholesale (COST Quote) reported a rise in fourth-quarter profit as same-store warehouse sales in the period rose 9%.

The discount retailer reported fourth-quarter net income of $397.8 million, or 90 cents a share, compared with $372.4 million, or 83 cents a share, a year earlier. The latest quarter included charges of 7 cents a share largely from prices increases in food, grocery items and gasoline. The year-earlier quarter included charges of 8 cents a share.

Analysts surveyed by Thomson Reuters expected Costco to earn 93 cents a share.

Net sales in the quarter ended Aug. 31, rose 13% to $22.6 billion from $20.1 billion a year earlier. Including membership fees, total revenue in the quarter rose to $23.1 billion from $20.5 billion.

The company said same-store sales in September rose 7%.