Costco (COST) Tops Q4 Views on Strong Comps; Will Soon Increase Membership Fees
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Price: $933.51 -2.45%
Revenue Growth %: +9.6%
Financial Fact:
Interest expense: -39M
Today's EPS Names:
EDXC, BICX, FBPI, More
Revenue Growth %: +9.6%
Financial Fact:
Interest expense: -39M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Costco (Nasdaq: COST) shares are edging just very modestly higher Wednesday morning following a fourth-quarter earnings beat by the Issaquah, WA-based warehouse retail giant.
Revenue for Costco rose 16.8 percent from $24.125 billion in the year-ago quarter to $28.178 billion. Excluding membership fees, revenue increased 16.9 percent to $27.588 billion.
Comparable-store sales, excluding the impact of fuel and foreign exchange, rose 7 percent for the quarter.
Net income rose 10.7 percent from $432 million in the fourth quarter of last year to $478 million, or $1.08 per share. Excluding the impact of a pre-tax LIFO charge, earnings were $1.12 per share.
Analysts on the Street were looking for revenue of $27.78 billion and earnings of $1.10.
Notably, Costco announced some pricing increases on memberships. Effective November 1st, 2011, Costco will increase annual membership fees by $5 for U.S. Goldstar (individual), Business, Business add-on and Canada Business members. Also effective November 1st, U.S. and Canada Executive Membership annual fees will increase from $100 to $110, and the maximum 2 percent reward associated with Executive Membership will increase from $500 to $750.
Over the next three months, Costco plans to open seven additional warehouses.
Revenue for Costco rose 16.8 percent from $24.125 billion in the year-ago quarter to $28.178 billion. Excluding membership fees, revenue increased 16.9 percent to $27.588 billion.
Comparable-store sales, excluding the impact of fuel and foreign exchange, rose 7 percent for the quarter.
Net income rose 10.7 percent from $432 million in the fourth quarter of last year to $478 million, or $1.08 per share. Excluding the impact of a pre-tax LIFO charge, earnings were $1.12 per share.
Analysts on the Street were looking for revenue of $27.78 billion and earnings of $1.10.
Notably, Costco announced some pricing increases on memberships. Effective November 1st, 2011, Costco will increase annual membership fees by $5 for U.S. Goldstar (individual), Business, Business add-on and Canada Business members. Also effective November 1st, U.S. and Canada Executive Membership annual fees will increase from $100 to $110, and the maximum 2 percent reward associated with Executive Membership will increase from $500 to $750.
Over the next three months, Costco plans to open seven additional warehouses.
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