(Adds details, shares)
May 25 Warehouse club operator Costco Wholesale
Corp reported a better-than-expected quarterly profit
on Thursday, helped by higher membership fees and strong sales
in the United States.
Membership fees, which accounted for about 72 percent of
Costco's operating income in 2016, rose 4 percent in the third
quarter ended May 7.
Sales at established stores open at least a year rose 5
percent, excluding the impact of changes in gasoline prices and
Analysts on average were expecting same-store sales to rise
3.7 percent, according to research firm Consensus Metrix.
Net income attributable to Costco rose to $700 million, or
$1.59 per share, in the latest quarter from $545 million, or
$1.24 per share, a year earlier.
Excluding items, Costco earned $1.40 per share. The company
recorded a tax benefit of 19 cents per share related to a
special cash dividend announced in April.
Total sales rose 8 percent to $28.86 billion.
Analysts on average had estimated adjusted earnings of $1.31
per share and revenue of $28.54 billion, according to Thomson
Costco shares were up 1.7 percent at $177.50 in aftermarket
trading on Thursday.
(Reporting by Siddharth Cavale in Bengaluru; Editing by Anil