Costco COST released its third quarter earnings this morning for the period that ended May 12th. The retail giant beat EPS estimates by 0.97 percent at $1.04 vs. estimates of $1.03, but missed revenue by 2.73 percent at $23.55 billion vs. estimates of $24.21 billion.
Net sales for the quarter rose 8 percent year over year, to 23.55 billion. Same store sales rose five percent as compared to last year, and seven percent if gasoline and exchange rates are ignored.
Membership fees rose by 56 million to 531 million for the quarter, contributing to revenue $1.76 billion higher year over year. Costco was able to reduce merchandising costs and selling and administrative costs slightly which helped contribute to higher income.
The firm is currently holding a conference call to discuss its third quarter.
Costco closed Wednesday at $112.95.
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