Summary by Futu AI
Costco reported a robust financial performance for the third quarter of 2024, with net sales increasing by 9% to $57.392 billion, driven by a rise in comparable sales and the addition of 24 new warehouses since the third quarter of 2023. Membership fee revenue also saw an 8% increase to $1.123 billion, attributed to new member sign-ups and upgrades to Executive Membership. The company's gross margin percentage improved by 52 basis points, primarily due to the absence of a previous charge related to the discontinuation of charter shipping activities. SG&A expenses as a percentage of net sales decreased by 15 basis points, reflecting improved productivity. Net income for the quarter was $1.681 billion, or $3.78 per diluted share, compared to $1.302 billion, or $2.93 per diluted share in the previous...Show More