Costco's Q4 profit rises 7 percent
Costco (Nasdaq: COST) said its fourth-quarter profit rose 7 percent as consumers shopped for bargains in the tough economy, buying food and sundries but avoiding big-ticket items such as furniture and jewelry.
The company said net income for the 16-week fiscal quarter rose to $397.8 million, or 90 cents per share, from $372.4 million, or $0.83 per share, a year earlier. Excluding a charge related to food and gas price increases in the U.S. and a charge related to a litigation settlement, net income was $0.97 per share for the quarter.
Revenue rose 13 percent to $23.1 billion from $20.48 billion last year. Its same-store sales rose 9 percent during the quarter, including 9 percent growth within the United States and 11 percent internationally.
For the fiscal year, Costco reported that its profit rose 19 percent to $1.28 billion, or $2.89 per share, from $1.08 billion, or $2.37 per share, a year ago. Revenue for the year rose 13 percent to $72.48 billion. In the fiscal year, same-store sales rose 8 percent, including a 6 percent jump in the U.S. and 15 percent internationally.
The company said it is approaching fiscal 2009 "very conservatively," expecting to earn $3 to $3.25 per share for the year.
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