ISSAQUAH, Wash. (AP) — Costco Wholesale Corp.’s fiscal fourth-quarter net income climbed 11 percent as the wholesale club operator made more money on membership fees and saw sales rise.
But the performance missed analysts’ expectations. The Issaquah, Wash., company also said Wednesday it will raise annual membership fees starting next month.
Costco earned $478 million, or $1.08 per share, for the period ended Aug. 28. That’s up from $432 million, or 97 cents per share, a year earlier.
The performance missed the $1.10 per share that analysts expected.
Revenue climbed 17 percent to $28.18 billion from $24.12 billion.
Costco says it will raise annual membership fees by $5 for U.S. individual and business members and Canada business members beginning Nov. 1. Executive membership annual fees will also increase.