Costco Net Rises 1.3 Percent for Q4, 19.3 Percent for Fiscal Year
ISSAQUAH, Wash.-Costco's fiscal year ended with a slight 1.3 percent pickup in net income for the fourth quarter and a more robust 19.3 percent gain in net income for the fiscal year.
The bottom-line totals were $617 million for the quarter and $2 billion for the year, which ended on Sept. 1. Net sales in the quarter edged up 0.8 percent to $31.8 billion, and rose 6 percent for the year, to $102.9 billion. Same-store sales in the quarter increased 5 percent.
Net income in the quarter felt pressure from gross margin, which was down 168 basis points to 12.5 percent. Selling, general and administrative expenses increased 1.8 percent in dollars and nine basis points as a percentage of sales, to 9.5 percent.
The warehouse-club retailer finished the fiscal year with 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. A Costco statement said the company plans to open 11 new warehouses before the end of calendar 2013.