Costco Earning Beat Forecasts, Membership Fees Top $1.3 Billion

Updated at 5:30 pm EST

Costco Wholesale  (COST)  posted better-than-expected fourth quarter earnings Thursday, with membership revenues topping $1.327 billion as new value-focused customers piled in to find relief from the fastest inflation in four decades. 

Costco said diluted earnings for the three months ending on August 28, the company’s fiscal fourth quarter, rose 11.7% from last year to $4.20 per share, around 4 cents ahead of the Street consensus forecast.

Group net sales, Costco said, rose 15.2% to $70.76 billion, while total revenues were up 15% to $72.091 billion, just ahead of analysts’ forecasts of a $72.07 billion tally.