Costco (COST) Sales Rise More Than Expected
High-end big-box retailer Costco (NASDAQ: COST) had a better September than expected as revenue rose 8% to $9.31 billion. Same-store sales were up 6% worldwide. Excluding gas prices, the increase was 5%.
Final net sales for the 53-week fiscal year 2012 ended September 2, 2012, were $97.06 billion, an increase of 12% from $87.05 billion during the 52-week fiscal year 2011. Net sales for the 17-week fiscal fourth quarter ended September 2, 2012, were $31.52 billion, an increase of 14% from $27.59 billion during the 16-week fiscal fourth quarter of fiscal 2011.
Costco's numbers are a critical measure of big-box retail activity. It is the member of the group that includes Wal-Mart Stores Inc. (NYSE: WMT) and Target Corp. (NYSE: TGT). Among them quarterly retail sales are well above $150 billion.
The Costco numbers are encouraging as the year-end holiday period approaches. Many retailers make all of their profits in the final two months of the year.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Retail Tagged: COST, TGT, WMT