Costco Wholesale Corp Reports Nine Percent Increase in Profit for its Fiscal Third Quarter
On Wednesday, Costco Wholesale Corp reported a nine percent boost in its profit for the third quarter last year. The increases mirror the company's gains from higher comparable sales, raised membership fees.
Although the revenues earned by the company missed analysts' expectations, the adjusted earnings per share surpassed the expectation of the analysts for the quarter.
The net attributable income of Costco in the third quarter increased to $516 million from the previous year's $473 million.
At present Costco operates 673 warehouses which include 474 in the Unites States and Puerto Rico, eighty nine in Canada, twenty six in the UK, thirty five in Mexico, eleven in Korea, twenty in Japan, ten in Taiwan, one in Spain and 7 in Australia
Apart from its warehouses, the company also runs e-commerce web sites in the in several countries including the U. S, the U. K, Canada and Mexico.
The company said that it has plans of starting fifteen new warehouses which includes the relocation of one of the warehouses to a larger and conveniently located facility before its fiscal year ends on August 30 this year.
On Wednesday, shares of the company closed at $145.42 during the regular session, which is an increase of 1.51 percent or $2.17. During the after-hour trading, the stocks slipped by $0.47, to $144.95.
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