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Costco Posts 7% Net Sales Gains In Q3

For the 12-week third quarter ended May 11, Costco Wholesale Corp. posted net income of $473 million, or $1.07 per diluted share, versus $459 million, or $1.04 per diluted share, in the period a year ago. Comparable store sales, excluding the impact of gasoline price and foreign exchange rate fluctuations, increased 6% in the United States and 8% in international markets for a company total of 6%.

The Zacks Consensus Estimate of Wall Street analysts was for diluted EPS of $1.09 per share.

Costco’s net sales for the quarter increased 7% to $25.23 billion.

Costco operates 655 warehouses with 464 in the United States and Puerto Rico, 87 in Canada, 33 in Mexico, 25 in the United Kingdom, 19 in Japan, 10 in Taiwan, 10 in Korea, six in Australia and one in Spain. Costco noted that it plans to open as many as eight new warehouse clubs prior to the end of its fiscal year on August 31. The retailer also operates E-commerce web sites in the U.S., Canada, the United Kingdom and Mexico.