Costco Posts Penny Beat

Third-quarter earnings rise 6% to 42 cents a share.
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Costco's

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third-quarter earnings rose 6% from a year ago, beating estimates that were lowered after its April 28 profit warning.

Costco earned $209.8 million, or 43 cents a share, in the quarter, compared with $198.7 million, or 42 cents a share, last year.

Sales rose 10% from a year ago to $11.75 billion. Analysts were forecasting earnings of 42 cents a share on sales of $11.9 billion.

Costco slashed its earnings guidance to 42 cents a share in April, citing narrower-than-expected margins that were pressured by weak gasoline sales.

The stock rose 28 cents, or 0.6%, to $45.70 on Instinet.