By Micah Maidenberg

Costco Wholesale Corp. said revenue increased during its latest quarter as the U.S. economy began to rev up with more people etting vaccinated against Covid 19.

The Issaquah, Wash.-based company on Thursday reported a profit of $1.22 billion for its third quarter. That was up from $838 million during the year-earlier quarter and beat the $1.01 billion in net income that analysts were looking for, according to FactSet.

Earnings rose to $2.75 a share from $1.89 a share.

Costco said it generated $45.28 billion in revenue for its third quarter that ended May 9, up almost 22% from the same period last year.

Analysts had predicted the club-store chain would report $43.65 billion for the latest quarter.

Consumer spending has climbed this spring, with demand supported by households that saved funds during pandemic-related lockdowns and consumers who received stimulus checks from the federal government.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

May 27, 2021 16:49 ET (20:49 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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