Costco 4Q Net Gains 27.4 Percent; Sales for Year Near $100 Billion
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ISSAQUAH, Wash.-Fourth-quarter net income for Costco rose 27.4 percent to $609 million, ending a year in which the warehouse-club retailer came close to $100 billion in net sales.
For the quarter, which ended on Sept. 2, net sales totaled $31.5 billion, up 14.3 percent from the fourth quarter of last year and including a same-club sales gain of 5 percent. The fiscal year saw Costco ring up $97.1 billion in sales, a pickup of 11.5 percent and including a same-club increase of 7 percent.
Gross margin in the quarter fell 173 basis points to 12.4 percent. Selling, general and administrative expenses rose 12.2 percent in dollars, but declined 18 basis points as a percentage of sales to 9.5 percent.
Costco ended its fiscal year with 608 warehouses in operation, including 439 in the United States and Puerto Rico. The company said it plans to open 14 more warehouses by the end of calendar 2012.