Costco Net Rises 1.3 Percent for Q4, 19.3 Percent for Fiscal Year
October 9, 2013,
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.