UPDATE: Costco Posts Higher FQ3 Profit

Costco Wholesale

reported a 3% gain in its fiscal third-quarter profit. Costco's quarterly earnings surged to $473 million, or $1.07 per share, versus a year-ago profit of $459 million, or $1.04 per share. Its total revenue surged around 7% to $25.79 billion. However, analysts were expecting earnings of $1.09 per share on revenue of $25.75 billion. Costco's membership-fee revenue increased 5.6% to $561 million, while merchandise costs jumped around 7% to $22.55 billion. Costco's total same-store sales climbed 4% for the quarter, while comparable sales, excluding negative impacts from gasoline price deflation and foreign exchange, rose 6%. Its US comparable sales, excluding negative impacts from gasoline price deflation and foreign exchange, surged 6%, while international comparable sales jumped 8%. Costco announced its plans to open up to an additional 8 new warehouses prior to the end of its fiscal year on August 31, 2014. Costco shares fell 1.60% to $112.41 in pre-market trading.