Costco Posts Higher Earnings, Sales - TheStreet

Costco

(COST) - Get Report

beat the consensus earnings estimate by a penny as third-quarter net income increased 24% from last year.

The discount warehouse chain said it earned $130.4 million, or 28 cents a share, in the third quarter, up from $105.3 million, or 23 cents a share, in the year-ago quarter. According to Thomson Financial/First Call, analysts had been expecting the company to see 27 cents.

Sales increased 12% to $8.44 billion from $7.56 billion last year, but missed the consensus estimate of $8.5 billion. Same-store sales in warehouses open at least a year grew by 6%.

The company currently operates 389 warehouses, with plans to open seven additional locations by the end of fiscal 2002.

Shares of Costco were climbing about 3.7% in premarket trading to $39.90 after closing at $38.46 Wednesday.