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Markets News

Costco posts 27% rise in quarterly profit

Sept 24 (Reuters) - Costco Wholesale Corp reported a 27% jump in quarterly profit on Thursday, boosted by strong demand for foods, electronics and gardening and sporting products during the COVID-19 pandemic.

Net income attributable to the company rose to $1.39 billion, or $3.13 per share, in the fourth quarter ended Aug. 30, from nearly $1.10 billion, or $2.47 per share, a year earlier.

Total revenue rose to $53.38 billion from about $47.50 billion, exceeding the average expectation of $52.08 billion, according to IBES data from Refinitiv. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Aditya Soni)

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