Costco Posts Big Profit
The wholesale discount chain Costco reported a quarterly net profit of 11 percent, on revenue that jumped ten percent- and attributed the gains to sales of electronics, as well as food. The figures, for the first quarter of the fiscal year 2008, were released Thursday.
The company did not specifically break down the performance of its consumer electronics sales, but cited electronics as a strength, according to the AP.
In the spring of 2007, Costco announced it was tightening up its return policy, putting a 90-day limit on the amount of time customers had to return electronics item in exchange for cash. The company simultaneously announced that it would extend warranties on TVs and computers, and increased technical support. Costco said at the time that the previous policy had been costing them “millions” each year.