Costco Wholesale reported revenue growth for the fourth quarter of fiscal 2022, including a 13.4% increase in comparable revenue in Canada and a 15.8% increase in comparable revenue in the U.S. market.
Revenue growth was driven by strong demand for its fresh food, confectionery and fuel products.
However, the company’s gross margins were squeezed in the quarter due to rising freight and labour costs due to inflation and global supply chain issues, sending its shares down about 3% in extended trading, according to Reuters.
Global net income for the fourth quarter was $1.868 billion, compared to $1.670 billion in the same period last year. The fourth quarter of last year was negatively impacted by an $84 million pre-tax write-down of information technology assets.
Net income for the fiscal year was $5.84 billion, compared to $5.01 billion a year earlier.
