Costco Wholesale Corp. ended a strong year on an even stronger note, topping the $60bn mark in quarterly sales for the first time in its history.
In another first, its annual profit hit $5bn, growing at its fastest rate in more than 20 years. The membership warehouse retailer reported that its fourth-quarter net sales rose 17.5 per cent to $61.44bn, just topping estimates of $61.41bn, compared to $53.38bn last year. Total comparable sales rose 15.5 per cent.
Earnings totalled $1.67bn, or $3.76 a share, in the quarter ended 29 August, up from $3.51 a share in the year-ago period. Analysts had expected earnings of $3.58 a share. For the full year, Costco’s net sales increased 17.7 per cent to $192.05bn from $163.22bn in the prior year. It was the largest year-over-year growth for Costco since its 1992 fiscal year.
Net income rose more than 25 per cent to $5.01bn from $4bn, a record earnings total for Costco. It was the largest annual growth in profit since 1998, according to FactSet records, reported Marketwatch.
