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Costco's Q3 Sales Up 16%

5/25/2011 09:45:16 AM Eastern

Issaquah, Wash. - Costco
reported a 16-percent hike in net sales to $20.2 billion for its fiscal third
quarter ended May 8.

Same-store sales in the
U.S. rose 6 percent during the period, excluding the positive impact of higher
gasoline prices.

Net income increased 5.9
percent to $324 million for the quarter, which reflected a $49 million pre-tax
last-in, first-out (LIFO) charge and a prior-year pre-tax benefit of $14
million.

The No. 1 warehouse club
attributed about 3 percentage points of its sales to the inclusion of its
50-percent owned Mexican joint venture in its results, but said the operation
had no impact on profits.