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ISSAQUAH, Wash. — Costco Wholesale Corp. reported that its earnings rose 10% to $767 million in the fourth quarter and noted that revenue growth was slowed by lower fuel prices and a stronger dollar.
Costco Wholesale Corp. reported that its earnings rose 10% to $767 million in the fourth quarter and noted that revenue growth was slowed by lower fuel prices and a stronger dollar.
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Net income for fiscal 2015 was $2.38 billion, compared with $2.06 billion for the preceding year.
Comparable sales declined 1% in the 16-week period to August 30, Costco said. It was the first quarterly decline in comparable sales since 2009.
Comparable sales declined 10% in Canada, the retailer noted, and 7% elsewhere overseas. International operations accounted for 28% of sales in Costco’s fiscal year.
Excluding the impact of gas prices and currency fluctuations, the company’s comparable sales rose 6%.
Costco’s primary source of profit is membership fees, which rose 2.2% to $785 million in the fiscal fourth quarter, Costco said.
Renewal rates in the United States and Canada are above 90%, the company pointed out. Costco has 686 membership warehouses around the world, including 480 in the United States and Puerto Rico.
The company operates e-commerce websites in the United States, Canada, the United Kingdom and Mexico.
