By Alan Fein

(AXcess News) New York - Investors pushed Costco (Nasdaq: COST) shares higher Wednesday after the discount retailer announced earnings for the fourth quarter that were higher than estimated.

Costco Wholesale Corporation reported sales of $22.38 billion for the fourth quarter, a decline of 3 percent and earnings of $374 million, or 85 cents per share, which was down 6 percent over the same period last year.  But despite shrinking sales and earnings, the discount retailer saw its shares rise 3% to an early morning high of $60.30 before leveling off around $59.50, maintaining the bulk of its initial market gains.

Costco said sales at stores open at least one year fell 5% globally and in the US, same-store sales declined 6%.  But much of the shrinkage came from a weaker dollar and lower gasoline prices, which without it measured in, same-store sales actually rose 1%.