Costco Net Edges Up in First Quarter
December 11, 2009,
ISSAQUAH, Wash.-Net income for Costco in its fiscal first quarter totaled $266 million, up 1.1 percent from last year's first quarter.
Net sales for the warehouse-club chain rose 5.5 percent to $16.9 billion, but so, however, did its expenses. Selling, general and administrative expenses increased by 6 percent, and cost of goods sold rose 5.6 percent.
Costco's same-store sales increased by 3 percent in the first quarter, which included a 13 percent jump in comparable-store sales for the company's international clubs and a 1 percent gain for the domestic locations. A Costco statement said the weakening U.S. dollar and declining gasoline prices had a 3 percent offsetting impact on same-store sales in the quarter.