Costco Q4 profit rises 13%, topping forecasts

Issaquah, Wash. -- Costco Wholesale Corp. on Wednesday reported fiscal fourth-quarter net income of $697 million, exceeding Wall Street forecasts, amid strong back-to-school sales and higher membership fees. The retailer reported net income of $617 million in the year-ago period.



Total sales for the quarter, ended Aug. 31, rose 9.3% to $35.52 billion, also better than expected.



Same-store sales rose 7% (excluding fuel).



Costco, which currently operates 664 warehouses, plans to open up to an additional eight new locations (including one relocation) before the end of calendar year 2014.