Costco earnings rise as sales miss estimates

Costco Wholesale Corp. reported Q4 sales of US$79.7 billion, edging up by 1.0 percent but falling short of analyst estimates of $79.97 billion. Net income of $5.29 per share, however, was up from $4.86 a year ago and beat the expected $5.08, thanks to growth in gross margins. Comp sales rose by 5.5 percent in Canada and 5.3 percent in the U.S.