Costco Wholesale (COST) beat the Street Wednesday morning with a 27% leap in fiscal fourth-quarter earnings as the company capitalized on a healthy increase in same-store sales and membership fees.
Shares of Costco jumped about 3% in the wake of the stronger-than-expected results, putting them on track to extend their 2012 rally of about 19%.
The warehouse club operator said it earned $609 million, or $1.39 a share, last quarter, compared with a profit of $478 million, or $1.08 a share, a year earlier. Excluding one-time items, it earned $1.37 a share, surpassing forecasts from analysts for $1.31.
Revenue increased 14% to $32.22 billion, topping the Street’s view of $31.69 billion. Same-store sales grew by 6% when foreign exchange fluctuations and inflation in gas prices have been excluded and by 8% internationally.
Membership fees jumped 17.6% to $694 million, while operating margins expanded to 2.9% from 2.7%.
Issaquah, Wash.-based Costco saw its shares rise 2.77% to $102.40 in premarket trading.