Costco's Comparable Sales Climb 11.4%

By Allison Prang

Costco Wholesale Corp.'s comparable sales rose in the double digits for the fourth quarter and the company logged revenue that beat analysts' consensus.

Comparable sales -- an important measure of retail growth -- increased 11.4% for the quarter. The company said adjusted comparable sales rose 14.1%.

Costco's total revenue was $53.38 billion, 12% higher than a year ago. Analysts expected $52.11 billion.

The retailer's profit for the quarter that ended Aug. 30 was $1.39 billion, or $3.13 a share. The comparable quarter a year ago, Costco had a profit of $1.1 billion or $2.47 a share.

The company said its fourth-quarter results were hurt by Covid-19 premium wages and sanitation expenses, which hit earnings by 47 cents a share, or $281 million, before tax.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

September 24, 2020 16:46 ET (20:46 GMT)

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