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Costco Q3 net income beats Street expectations

Costco Wholesale Corp.'s fiscal third-quarter net income beat analyst expectations May 31 as the company's same-store sales grew faster than expected.

Net income attributable to Costco for the 12 weeks ended May 13 totaled $750 million, beating both the mean consensus estimate for GAAP net income of $743.8 million compiled by S&P Capital IQ and the $700 million the company reported for the same quarter a year ago.

Diluted EPS for the quarter was $1.70, meeting the Capital IQ consensus estimate for GAAP EPS of $1.70.

Across the entire company, same-store sales grew 10.2%, faster than the consensus estimate compiled by S&P Capital IQ of 8.05%. Excluding the effects of foreign currencies and gasoline prices, same-store sales grew 7%.

Net sales at the Issaquah, Wash.-based retailer were $31.62 billion, above the $28.22 billion that the company reported for the year-ago quarter. Net sales exclude revenue from Costco's annual membership fees.