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Costco Reports Higher Sales, Profit in Q4

10/20/2013 08:00:00 PM Eastern

ISSAQUAH, WASH. — Costco Wholesale reported higher sales and better net profits in its fiscal fourth quarter, ended Sept. 1, and higher volume for the year.

Net sales for the quarter were $31.77 billion, an increase of 1 percent from $31.52 billion in the prior year’s fourth quarter. Net sales for the 52-week fiscal year 2013 were $102.87 billion, an increase of 6 percent from $97.06 billion in the prior fiscal year.

Comp sales in the U.S. were up 5 percent in the quarter from the prior year’s fiscal fourth quarter, with comp sales for the fiscal year up 6 percent compared with the prior year.

Net income for the fourth quarter of fiscal 2013 was $617 million, up from the prior year’s final quarter of $609 million.

Net income for fiscal 2013 was $2.04 billion, compared with $1.71 billion in fiscal year 2012. Net income for fiscal 2013 was positively impacted by a second-quarter $62 million ($0.14 per diluted share) tax benefit in connection with the portion of the special cash dividend paid in December 2012 to the company’s 401(k) plan participants.

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