Costco U.S. comparable sales rose 9.4 percent in third quarter

Costco Wholesale reported that U.S. comparable sales, including gasoline, increased 9.4 percent in its third quarter, surpassing the 7 percent gain analysts had projected. The company said the final five weeks of the quarter produced its highest sales volume on record. Officials attributed the increase to members purchasing fuel at Costco stations after gasoline prices exceeded $4 per gallon.

Fuel and merchandise sales Costco lowered its gasoline prices during the quarter to increase volume. The company said members who bought fuel also spent more on merchandise inside its warehouses. Food prices remained lower than other categories, while appliance prices stayed higher because of elevated memory-chip costs.

Officials said items containing plastic or made from polyester or cotton could remain more expensive if oil prices stay high.

Revenue and earnings Total quarterly revenue rose 12 percent to $70.53 billion, above the $69.81 billion analysts had estimated. Net income increased 15 percent to $2.19 billion, and adjusted earnings per share reached $4.93. Costco said it expects refunds from previously outlawed tariffs to begin arriving within two to three months.

The company stated that any refunds will be passed on to consumers depending on the outcome of a March class-action lawsuit filed by customers. Costco also reported that its average same-day delivery time in the U.S. is now less than 45 minutes.