This story has updated Costco's share price.
NEW YORK (TheStreet) -- Costco Wholesale (COST) moved higher Wednesday afternoon despite posting disappointing fourth-quarter results from softer-than-expected sales.
Costco reported net income of $617 million, or $1.40 a share, for the quarter ended Sept. 1, compared with net income of $609 million, or $1.39 a share, in the fourth quarter of 2012.
Analysts, according to Thomson Reuters, had expected the company to post earnings of $1.46 a share.
Revenue (which includes membership fees) of $32.49 billion also missed consensus estimates of $32.82 billion. Net sales for the fourth quarter rose 1% to $31.77 billion. Comparable sales for the company rose 5% for the fourth quarter and 6% for the fiscal year.Shares rose 2.4% to $114.87, at last check. Net income for the full year was $2.04 billion, or $4.63 a share. Full-year net sales rose 6% to $102.87 billion. Costco said September sales (the five-week period ended on Oct. 6) rose 6% to $9.86 billion over the same period last year. Comparable sales for the period rose 3% -- split between a 4% rise in comparable sales in the U.S. and flat sales internationally. Excluding the negative impacts from gasoline price deflation and foreign exchange, U.S. sales rose 5% last month. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: email@example.com. Follow TheStreet on Twitter and become a fan on Facebook.
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