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Even Costco doesn’t dodge the recession

Post by John Gillie / The News Tribune on May 28, 2009 at 3:41 pm with No Comments »
May 28, 2009 3:41 pm

Washington’s largest publicly traded company, Costco, reported lower earnings today as weaker consumer demand made itself felt even at the discount retailer.

The warehouse retailer posted third quarter income of $209.6 million or 48 cents a share down from $295.1 million or 67 cents a share in the same quarter last year.

That income was less than analysts had predicted. The average of analysts’ predictions was 53 cents a share.

Revenues decreased 4.8 percent to $15.48 billion.

Some of those decreases were the result of lower gas prices and a $34 million charge the company took to settle a lawsuit over membership renewals.

Employee benefit costs also rose mainly due to heavier usage of health insurance by employees.

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