Costco: quarterly profit up 20%, beating estimates

(CercleFinance.com) - Costco Wholesale, the biggest US warehouse club chain, late on Thursday reported a 20% jump in quarterly profit, beating expectations, with its shoppers increasingly ordering online.


Net income for the quarter was 906 million dollars, or 2.05 dollars per share, compared to 750 million dollars, or 1.70 dollar per share, last year.

This exceeded analysts' expectation of 1.82 dollar.

Net sales for the quarter increased 7.4% to 34 billion dollars, the Issaquah, Washington-based company said in a statement.

Quarterly sales at its US locations that have been open for at least a year - or same-store sales - rose 7%, while international same-store sales rose by just 1.7%.

Costco said e-commerce sales jumped 22%.

The group currently operates 773 warehouses, including 536 in the United States and 100 in Canada.

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