ISSAQUAH, WA - Costco has announced its Q3 2015 financial results, topping Wall Street analysts' expectations with above average profits. The company has also announced plans to add 15 additional warehouses prior to the end of its fiscal year on August 30, 2015. Costco currently operates 673 warehouses, including 474 in the United States and Puerto Rico. 

“The percentage of annual openings each year will continue to grow outside of the U.S. Versus our expectations five years ago there's probably more openings in the U.S. than we’ve anticipated, so that’s good news for the U.S, but we’ll still see more growth internationally. Could it be 50-50 one day? Probably. But we’ll keep growing,” said Richard Galanti, Executive Vice President and CFO for Costco in a call to investors.

Net income for the quarter grew to $516 million, or $1.17 per diluted share, compared to $473 million, or $1.07 per diluted share, last year. Net sales for the quarter also increased one percent, to $25.52 billion over last year.

According to Bloomberg Business, Costco has outperformed two of its biggest competitors, Wal-Mart and Target, recently. Sales at Costco stores open a year or more rose 6 percent this quarter, while Target in its most recent quarter reported only a 2.3 percent gain. Both Wal-Mart’s Sam’s Club warehouse chain posted a 0.4 percent increase. 

“It’s always a competitive field, and we still respect our direct competitors. I look at organic, it started off small, but it’s growing faster. It’s where we shine in terms of quality and value. That’s nothing but a positive for us going forward,” continued Galanti. “Fresh foods, gas, executive membership, and opening in new geographic locations is where we shine.”

Other highlights from the release include:

• Net sales for Costco’s Q4 are $25.5 billion.
• Sales in membership fees for Costco’s Q4 are $584 million.
• Merchandising costs for Costco’s Q4 are $22.7 billion. 

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