Image via WikipediaISSAQUAH, Wash. (AP) — Costco Wholesale Corp. (COST) said Thursday that revenue at stores open at least a year increased 7% in August, buoyed by higher gas prices and improved international revenue.
This topped the 4.2% rise that analysts surveyed by Thomson Reuters expected. But fourth-quarter and full-year revenue missed Wall Street expectations.
The wholesale club operator reported a 6% rise in revenue at U.S. stores open at least a year and an 11% increase in its overseas locations.
Taking out the impact of higher gas prices and stronger foreign currencies, August revenue at stores open at least a year gained 5%. The U.S. figure rose 5% and international results climbed 7%.
Total revenue for the four weeks ended Aug. 29 grew 9% to $5.9 billion. Fiscal fourth-quarter revenue climbed 8% to $23.6 billion, while revenue for the fiscal year improved 9% to $76.3 billion.
Analysts expected fourth-quarter revenue of $24.23 billion and fiscal-year revenue of $77.98 billion.
Costco said its fourth-quarter revenue at stores open at least a year climbed 6%. For the fiscal year, that figure rose 7%.
Costco, based in Issaquah, Wash., had 572 warehouses, including 416 in the U.S. and Puerto Rico, 79 in Canada, 22 in the U.K., seven in Korea, six in Taiwan, nine in Japan, one in Australia and 32 in Mexico as of Aug. 29. It plans to open 10 more warehouses during the first four months of fiscal 2011.
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