2:08 AM
Costco profit tops forecast on higher sales
Addison Ray
BANGALORE | Wed Dec 8, 2010 3:42am EST
BANGALORE (Reuters) - U.S. retailer Costco Wholesale Corp (COST.O) posted a better-than-expected quarterly profit as sales and traffic grew at its U.S. stores and the weakening dollar helped sales overseas.
Costco, which sells bulk packages of everything from diapers to detergent, said profit was $312 million, or 71 cents per share, in the fiscal first quarter ended November 21, compared with $266 million, or 60 cents per share last year.
Analysts on average forecast a profit of 69 cents per share, according to Thomson Reuters I/B/E/S.
Last week, Costco, the largest U.S. warehouse club operator, said sales in the quarter rose 11 percent to $18.8 billion.
Sales at stores open at least a year rose 7 percent, helped by higher gasoline prices, the company said.
Issaquah, Washington-based Costco stock closed at $69.64, after touching a 52-week high of $70.06, on Tuesday.
(Reporting by Abhinav Sharma in Bangalore; Editing by Dan Lalor)
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