Costco tops Street 4Q forecasts

A Costco store in Richmond, Calif., March 6, 2014.
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Costco Wholesale on Wednesday reported fiscal fourth-quarter net income of $697 million.

On a per-share basis, the Issaquah, Washington-based company said it had net income of $1.58 a share.

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The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.52 per share.

The warehouse club operator posted revenue of $35.52 billion in the period, also exceeding Street forecasts. Analysts expected $35.37 billion, according to Zacks.

Costco shares have increased slightly more than 5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent. The stock has climbed 10 percent in the last 12 months. (Get the latest quote here.)