Annual profits have increased at US wholesale retailer Costco on the back of higher sales at home and abroad.

Costco yesterday (10 October) reported net income of US$1.71bn for the 53 weeks to 2 September. The result compared to the profit of $1.46bn recorded last year for the 52 weeks to 28 August.

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Net sales were up 12% at $97.06bn. Comparable-store sales increased 7%, or 6% excluding fuel and currency fluctuation.

In the US, comparable-store sales grew 7%. Stripping out gas sales and foreign exchange, sales increased 6%.

Internationally, comparable-store sales rose 6%. Without the impact of fuel and forex, sales increased 8%.

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