Issaquah, Wash. - No. 1 warehouse club chain Costco reported a 16.4 percent rise in fourth-quarter profits, to $348 million.
Net sales for the three months, ended Feb. 13, increased 11 percent to $20.5 billion, and U.S. same-store sales rose 3 percent excluding gasoline.
For the full month of February, net sales rose 14 percent to $6.4 billion and U.S. same-store sales climbed 4 percent excluding gasoline.
Costco said it plans to open upward of 16 new warehouses (including one relocation and one reopening) before the end of August. It currently operates 424 locations in the U.S. and 581 worldwide.