By Ben Glickman Costco’s profit rose ahead of Wall Street’s expectations in the third quarter as the company’s surging online sales buoyed results. The wholesale retailer reported a profit of $1.68 billion, or $3.78 a share, in the 12 weeks ended May 12, compared with a profit of $1.3 billion, or $2.93 a share, a year earlier. Analysts polled by FactSet expected a per-share profit of $3.70. Revenue rose 9.1%, to $58.52 billion, beating the $58.02 billion expected by analysts polled by FactSet. Same-store sales were up 6.6% for the period, compared with the 6% expected by Wall Street analysts. Canada and other international stores posted a higher jump in comparable sales than U.S. stores. E-commerce comparable sales were up about 21% from a year earlier. Write to Ben Glickman at ben.glickman@wsj.com

By Tomi Kilgore and Claudia Assis Same-store sales increased the most in five quarters, and beat expectations for an 11th straight quarter Costco Wholesale Corp. reported fiscal third-quarter profit, revenue and same-store sales that all beat Wall Street forecasts, but shares of the membership-based warehouse retailer pulled back from a record high. The stock (COST) slipped 0.9% in Thursday’s after-hours session, after closing the regular session up 1.1% at a record $815.34. Net income for the quarter to May 12 rose to $1.68 billion, or $3.78 a share, from $1.30 billion, or $2.93 a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of $3.70. Total revenue grew 9.1% to $58.52 billion, above the FactSet consensus of $58.02 billion, as net sales increased 9.1% to $57.39 billion and membership fees were up 7.6% to $1.12 billion. Comparable sales, or sales from stores

Costco Wholesale (COST) reported fiscal Q3 earnings late Thursday of $3.78 per diluted share, up from $2.93 a year earlier. Analysts polled by Capital IQ expected $3.68. Net sales for the quarter ended May 12 were $57.39 billion, up from $52.60 billion a year earlier. Analysts surveyed by Capital IQ expected $58 billion.

Costco’s customers looking for value are increasingly opting for cheaper private-label branded products. CFO Gary Millerchip says on a call with analysts that when the company cannot reduce prices for customers, it looks to provide Kirkland Signature items with at least 20% value compared to national brand items. Millerchip says the new men’s walking shoe and facial wipes are already doing quite well, and the company has cut prices on Kirkland pine nuts and frozen shrimp skewers. The company’s new Kirkland Signature lemon blueberry loaf and morning buns also sold well.

Costco shoppers at both ends of the income range are beefing up their purchases. CEO Ron Vachris says on a call with analysts that it’s a healthy environment for all types of shoppers given the company’s value at all price levels. In the meat department, lots of volume is driven by ground beef and boneless, skinless chicken breasts, Vachris says. Meanwhile, wagyu and prime beef offerings are also growing.