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Costco fiscal Q3 profit climbs 11.2% YOY

Costco Wholesale Corp. said its normalized net income for the fiscal third quarter ended May 10 amounted to $1.12 per share, compared with the S&P Capital IQ consensus estimate of $1.15 per share.

EPS rose 11.1% year over year from $1.01.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $496.4 million, an increase of 11.2% from $446.5 million in the year-earlier period.

The normalized profit margin climbed to 1.9% from 1.7% in the year-earlier period.

Total revenue grew on an annual basis to $26.10 billion from $25.79 billion, and total operating expenses totaled $25.28 billion, compared with $25.06 billion in the prior-year period.

Reported net income grew 9.4% year over year to $518.5 million, or $1.17 per share, from $473.7 million, or $1.07 per share.