Costco Profit Rises as Sales Jump 12%

Costco, the warehouse retailer, said third-quarter earnings rose as net sales gained 12%.
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ISSAQUAH, Wash. (

TheStreet

) --

Costco Wholesale

(COST) - Get Report

, the warehouse retailer, said third-quarter earnings rose as net sales gained 12%.

Costco said net income was $306 million, or 68 cents a share, compared with $210 million, or 48 cents a share, a year earlier. Sales were $17.39 billion vs. $15.48 billion a year earlier.

Analysts polled by Thomson Reuters were expecting earnings of 66 cents a share on sales of $17.63 billion.

Same-store sales in the third quarter rose 4%, excluding the positive impacts from gasoline inflation and stronger foreign currencies. U.S. sales gained 3%; international sales gained 8%.

Costco said the latest third quarter included a partial reversal of pretax $14 million of charge related to a Canadian tax liability, while the year-earlier third quarter was hurt by a pretax charge of $34 million.

-- Reported by Joseph Woelfel in New York.

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