US: Costco profits rise

Posted by Nicole Eckersley on 28th May 2010

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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