Costco Q3 earnings jump 32 percent

ISSAQUAH, Wash. Costco reported a 32 percent increase in earnings for its third quarter led by sales of fresh foods and basic household items.

Costco reported net income of $295.1 million for the quarter with sale increasing 13 percent to $16.26 billion. Same store sales at it U.S. stores rose 4 percent excluding gas price inflation. The company did not break out pharmacy sales during May 29 earnings call.

Costco chief financial officer Richard Galanti said food sales were a strong area once again for the warehouse club as shoppers continued to buy in bulk as a hedge against inflation. He said sales of jewelry, home-furnishings and discretionary items in general were weaker.