US: Costco profits rise
US wholesaler Costco has booked an increase in profits, boosted by the reversal of a pre-tax charge implemented last year.
For the first thirty-six weeks of fiscal 2010, net income increased to US$871m from $712m in the prior year.
Net sales increased 10% to $52.66bn. Comparable sales for the period increased 7%.
Operating profit amounted to $1.4bn, an increase on the $1.18bn recorded a year earlier.
In the third quarter, net sales rose 12% to $17.39bn. Net income reached $306m from $210m in 2009.
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