Costco results miss forecasts

COSTCO Wholesale missed forecasts for its fourth quarter profit yesterday and said it will increase its annual membership fee for a little more than 22m members.

For the fourth quarter, net income was $478m, or $1.08 a share, compared with $432m, or 97 cents a share a year ago. Sales rose 17 per cent to $27.59bn. September same-store sales, including fuel, rose 12 per cent. Analysts had expected earnings of $1.10 a share on revenue of $27.84bn.