Costco's 4Q results top Wall Street expectations

ISSAQUAH, Wash. (AP) — Costco is drawing more shoppers and signing up more new members, helping the wholesale club operator’s fiscal fourth-quarter net income and revenue climb. Its performance beat Wall Street’s expectations, and its shares hit an all-time high Wednesday.

Consumers have been drawn to stores like Costco, BJ’s Wholesale Club and Sam’s Club because they feel like they are getting bargains by purchasing items in bulk. Memberships at such stores have continued to rise in recent years as shoppers worried about the economy and high unemployment look for ways to save money.