Costco Q3 profit up, sales down

Issaquah, Wash. – Costco Wholesale Corp. reported rising profit in the third quarter of fiscal 2015. But a surging dollar and low gas prices resulted in sluggish sales growth and an unusual same-store sales decline, the company’s first quarterly drop since 2009.



Net income increased 9% to $516 million from $473 million, aided by relatively flat operating expenses.



Total revenue for the quarter, ended May 10, increased 1% to $26.1 million, below Wall Street expectations, from $25.8 million last year.



Same-store sales dropped 1%.