Costco Posts a Rise in Profit As Same-store Sales Turn Higher

Shares of Costco Wholesale Corp. rose 1.4% to 156.00 in after-hours trading on Wednesday after the big box retailer announced a better-than-expected rise in profit for its fiscal first quarter of 2017.

For the three-month period to November, Costco reported a profit of $545 million, or $1.24 a share, up 13.5% from $480 million, or $1.09 a share, a year earlier, thanks to upbeat results from same-store sales that pointed to an expansion for the first time in the past three quarters.

The company’s same-store sales advanced 1% in the November quarter, sending revenue 3.2% higher to $28.1billion. Net sale also jumped 3.2% to $27.5 billion. Markets had expected for earnings of $1.19 a share on $28.3 billion in revenue.

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