US: International operations drive Costco growth
Costco has 156 outlets outside US
US cash-and-carry operator Costco today (6 October) posted a 19% increase in annual profits driven by growth in its international operations.
The company posted US$1.3bn net income for fiscal 2010, ended 29 August, up 19.3% on its previous fiscal year.
Net sales reached $75.25bn, a 9% increase on the previous year.
Comparable sales for the year, excluding the impact of petrol inflation and the strengthening in foreign currencies, were 4% for the total company, 2% in the US and 8% in its international operations.
For the fourth quarter, net income grew 15.5% to $432m, while sales reached $23.5bn, an 8% increase on the previous year.
For Costco's full results click here.
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