US wholesaler Costco said rising costs and fierce competition had trimmed its fourth quarter income by 3% but full-year sales were ahead by 10%.
For the year to August 31 sales rose to $41.7bn from $38bn, while income before tax was flat at $1.16bn.
To curb rising costs Costco has asked employees to contribute 8% to their health benefit scheme up from 4.5%.
Costco also said that it had acquired French retailer Carrefour’s 20% equity stake in Costco’s UK business that operates 15 depots. A further two sites are planned to open before the end of 2004, the company added.
Costco entered the UK market in 1993.
For the year to August 31 sales rose to $41.7bn from $38bn, while income before tax was flat at $1.16bn.
To curb rising costs Costco has asked employees to contribute 8% to their health benefit scheme up from 4.5%.
Costco also said that it had acquired French retailer Carrefour’s 20% equity stake in Costco’s UK business that operates 15 depots. A further two sites are planned to open before the end of 2004, the company added.
Costco entered the UK market in 1993.
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