Costco Same-Store Sales Up 6% in Last Quarter
Costco has shown just how different it is from other big-box retailers that have struggled with growth.
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Costco Wholesale Corp. (NASDAQ: COST) showed just how different it is from other big-box retailers that have struggled with growth. Same-store sales for the quarter that ended August 31 soared 6%. Revenue was higher by 9% to $34.75 billion.
The full fiscal year results were nearly as impressive.
Net sales for the fourth quarter were $34.75 billion, an increase of nine percent from $31.77 billion in fiscal 2013. Net sales for the fiscal year were $110.21 billion, an increase of seven percent from $102.87 billion last year.
Net income for the fourth quarter was $697 million, or $1.58 per diluted share, compared to $617 million, or $1.40 per diluted share, last year. Net income for the fiscal year was $2.06 billion, or $4.65 per diluted share, compared to $2.04 billion, or $4.63 per diluted share, in fiscal year 2013. Net income last year was positively impacted by a $62 million ($.14 per diluted share) tax benefit in connection with the portion of the special cash dividend paid in December 2012 to the Company 401(k) plan participants.
By contrast, same-store sales at Target Corp. (NYSE: TGT) and Wal-Mart Stores Inc. (NYSE: WMT) have struggled to stay above 2%.
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