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Costco 4Q net income rises on strength overseas

The Columbian
Published: October 6, 2010, 12:00am

ISSAQUAH, Wash. (AP) — Costco Wholesale Corp. says increased revenue from selling memberships and strength overseas helped drive its net income up 16 percent in the fiscal fourth quarter.

The warehouse club operator has seen the number of customers in its clubs grow as shoppers continue to hunt for deals in the weak economy.

Costco earned $432 million, or 97 cents per share, for the period ended Aug. 29. That’s up from $374 million, or 85 cents per share, a year ago.

This beat analysts’ estimates of 95 cents per share.

Revenue rose 8 percent to $24.13 billion, helped by more money from membership fees. That missed Wall Street’s projected $24.23 billion.

Revenue from sales at clubs open at least a year climbed 6 percent.

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