International News - Costco profits help it to keep top market spot

Costco has consolidated its top position in the US warehouse club sector with third-quarter profits up 29 per cent.

The retailer put the increase down to a good performance in food and gardening equipment, as well as strong sales from its petrol stations.

Costco earned US$198.7 million (£108.2 million) in its third quarter, which ended May 9, up from US$153.8 million (£83.7 million) a year earlier.

Sales climbed by 14 per cent to US$10.67 billion (£5.80 million) for the period, while like-for-like sales were 11 per cent ahead.