Issaquah, Wash. Costco Wholesale Corp. said Wednesday that its fiscal fourth-quarter profit fell 6% partly on the stronger dollar and increased employee benefit costs, but results beat analysts' estimates.
The warehouse club operator earned $374 million for the quarter ended Aug. 30, down from $398 million a year earlier.
Revenue slipped 3% to $22.38 billion from $23.1 billion, but surpassed Wall Street's $22.34 billion sales estimate.
Same-store sales were down 5% in the quarter, with a 6% decline in the United States and a 3% drop-off internationally. Removing the effect of the stronger dollar and lower gas prices, same-store sales were up 1%.