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Costco Misses Estimates, Shares Move Higher

Tickers in this article: COST

This story has updated Costco's share price.

NEW YORK (TheStreet) -- Costco Wholesale moved higher Wednesday afternoon despite posting disappointing fourth-quarter results from softer-than-expected sales.

Costco reported net income of $617 million, or $1.40 a share, for the quarter ended Sept. 1, compared with net income of $609 million, or $1.39 a share, in the fourth quarter of 2012.

Analysts, according to Thomson Reuters, had expected the company to post earnings of $1.46 a share.

Revenue (which includes membership fees) of $32.49 billion also missed consensus estimates of $32.82 billion. Net sales for the fourth quarter rose 1% to $31.77 billion. Comparable sales for the company rose 5% for the fourth quarter and 6% for the fiscal year.

Shares rose 2.4% to $114.87, at last check.

Net income for the full year was $2.04 billion, or $4.63 a share. Full-year net sales rose 6% to $102.87 billion.

Costco said September sales (the five-week period ended on Oct. 6) rose 6% to $9.86 billion over the same period last year. Comparable sales for the period rose 3% -- split between a 4% rise in comparable sales in the U.S. and flat sales internationally. Excluding the negative impacts from gasoline price deflation and foreign exchange, U.S. sales rose 5% last month.

-- Written by Laurie Kulikowski in New York.

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