UPDATE: Costco Q4 Profit Beats Street View

Costco Wholesale

reported stronger-than-expected earnings for the fourth quarter. The Issaquah, Washington-based company posted quarterly net income of $697 million, or $1.58 per share, compared to $617 million, or $1.40 per share, in the year-ago period. Its net sales gained 9% to $34.75 billion from $31.77 billion, while total revenue surged to $35.52 billion from $32.49 billion. However, analysts were expecting a profit of $1.52 per share on revenue of $35.47 billion. Net sales for the fiscal year jumped 7% to $110.21 billion from $102.87 billion. Costco's same-store sales jumped 6% in the quarter. However, same-store sales, excluding fuel, increased 7% in the fourth quarter. US same-store sales increased 6% in the period. Revenue from membership fees gained 7.3% to $768 million in the quarter. Costco currently operates 664 warehouses. It plans to open up to an additional 8 new warehouses (including 1 relocation) before the end of calendar year 2014. Costco's shares fell 0.74% to close at $125.27 yesterday.