Corp., the largest US warehouse-club chain, posted fiscal third-quarter profits that missed analysts’ estimates even as comparable sales gained 6%.Net income in the quarter ended 11 May rose 3.1% to $473 million, or $1.07 a share, from $459 million, or $1.04, a year earlier, the Issaquah, the Washington-based company said today in a statement. Analysts projected $1.10, the average of 25 estimates compiled by Bloomberg.
US retailers of all stripes struggled with harsh winter weather and shaky consumer confidence during the most recent quarter. Even so, sales at Costco stores open more than a year increased in the quarter, with a 6% advance excluding changes in gasoline prices and foreign-currency exchange rates.
Revenue by similar measures fell 0.2% at Wal-Mart Stores Inc. in the US and dropped 0.3% at Target Corp. (TGT) in their most recent quarters.
Costco’s total third-quarter sales rose 7.1% to $25.8 billion. Analysts estimated $25.9 billion, on average. Revenue from membership fees advanced 5.6% to $561 million.
Costco rose 0.3% to $114.24 yesterday in New York. The shares have declined 4% this year, compared with a 3.3% advance for the Standard & Poor’s 500 Index.
