Costco Wholesale Corporation (NASDAQ:COST) reported upbeat earnings for its fourth quarter, while sales missed views.
The wholesale merchandising giant, out of Issaquah, Washington, reported that net sales for the quarter were $46.45 billion, an increase of 7% from $43.41 billion during the similar period last year. Net sales for the fiscal year were $149.35 billion, an increase of 7.9% from $138.43 billion during the similar period last year.
Net income for the fourth quarter was $1,097 million, or $2.47 per diluted share, compared to $1,043 million, or $2.36 per diluted share, last year. This year’s fourth quarter was negatively impacted by a $123 million pre-tax reserve to SG&A ($96 million after-tax), or 22 cents per diluted share, related to a product tax assessment.
Costco currently operates 783 warehouses, including 544 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, one in France, one in Iceland, and one in China. Costco also operates e-commerce web sites in the U.S., Canada, the United Kingdom, Mexico, Korea and Taiwan.
Shares faded $2.78, or 1%, to $286.22
