Costco Sees Financial Results Drop for Q4, Fiscal Year

Costco Wholesale Corp. said the weak economic environment, higher employee benefit costs and weaker foreign exchange rates combined to negatively impact financial results for the fourth quarter and fiscal year ended Aug. 30.

ISSAQUAH, Wash. — Costco Wholesale Corp. here said yesterday the weak economic environment, higher employee benefit costs and weaker foreign exchange rates combined to negatively impact financial results for the fourth quarter and fiscal year ended Aug. 30.

For the 16-week fourth quarter, net income fell 6% to $374 million, while total revenues, including membership fees, dropped 3.3% to $21.9 billion and comparable-store sales dropped 6% in the U.S. and 5% overall.

For

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