Costco sales rise but miss forecasts in Q4

New York -- Changes in foreign exchange rates had a negative impact on Costco’s comparable store sales for the fourth quarter ended Sept. 1, but the wholesaler still reported increases in both its U.S. and international markets.

The company’s comparable sales for the quarter increased 5%. U.S. comparable store sales increased 5% for the quarter, while international comparable store sales increased 4%.

Excluding the impact of changes in foreign exchange rates, the company’s comparable sales for the quarter increased 5%. U.S. comparable store sales for the quarter increased 5%, while international comparable store sales increased 7%.

Net sales for the 16-week fourth quarter were $31.77 billion, an increase of one percent from $31.52 billion in the 17-week fourth quarter of fiscal 2012 ended September 2, 2012. Net sales for the 52-week fiscal year 2013 were $102.87 billion, an increase of six percent from $97.06 billion in the prior 53-week fiscal year.

Net income for the quarter was $617 million, or $1.40 per diluted share, compared to $609 million, or $1.39 per diluted share, during the prior-year quarter.

Costco currently operates 638 warehouses, including 454 in the United States and Puerto Rico, 85 in Canada, 34 in Mexico, 25 in the United Kingdom, 18 in Japan, 10 in Taiwan, nine in Korea and three in Australia. The company plans to open an additional 11 new warehouses before the end of calendar year 2013.