SEATTLE — Costco’s profits in its third quarter exceeded Wall Street expectations, though total sales fell short.
For the quarter ended May 8, the warehouse giant, based outside Seattle, reported earnings per share of $1.24, up from $1.17 a year ago. Wall Street analysts had expected earnings per share of $1.22.
Profit of $545 million was up 5.6 percent from the same quarter last year.
Total sales reached $26.77 billion, up 2.6 percent from a year earlier. Analysts had expected sales of $27.07 billion.
So-called comparable sales — sales in stores open at least a year — remained flat over the quarter in the U.S., while rising 1 percent in Canada and declining 2 percent in all other countries where Costco operates. Overall company comparable sales were flat for the quarter. But excluding the negative impacts from lower gas prices and the strong dollar, comparable sales were up 3 percent in the U.S., 8 percent in Canada and 3 percent in other countries over the quarter.
