Costco's profit soars in Q3
Wholesaler Costco saw a surge in its third-quarter profit, the retailer reported Thursday.
Net income in the quarter ended May 9 rose to $306 million, up nearly 46% from $210 million in the year-earlier third quarter. Sales rose 12% to $17.39 billion. Same-store sales rose 4%.
Costco said its dramatic profit increase was attributed to continued overseas demand from Canada to Taiwan and by better sales of nonessential products such as apparel and home furnishings.
At the end of the quarter, Costco ran 568 warehouse clubs, with locations in the United States; Canada; Mexico; the United Kingdom; Korea; Taiwan; Japan and Australia. The company said it plans to open five more locations by Aug. 29, the end of its fiscal year.