Costco quarterly profit tops estimates

ISSAQUAH — Issaquah-based Costco today reported a slight dip in its second-quarter profit, due mostly to a year-ago tax gain.

The company said its second-quarter profit fell 3 percent vs. a year ago to $296.2 million, or 62-cents per share. But the company's year-ago quarter benefited by a one-time, $52.1 million income tax benefit and a change in the way it accounts for leases.

Minus the charges, its year-ago profit would have been $263.4 million, or 54 cents.

Sales rose 11 percent to $13.8 billion, while same-store sales — a key retail metric that measures the performance of stores open at least a year — rose 7 percent.

Analysts polled by Thomson Financial First Call had forecast a 60-cent per share profit on sales of $13.79 billion.

Monica Soto Ouchi: 206-515-5632 or msoto@seattletimes.com