Costco Net Rises 17 Percent in First Quarter
December 8, 2010,
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ISSAQUAH, Wash.-A double-digit sales increase helped drive Costco to a 17 percent pickup in net income in its fiscal first quarter.
The warehouse club's bottom line totaled $312 million in the quarter, which ended on Nov. 21. Net sales increased 11 percent, which included a 7 percent gain in same-store sales.
Expenses were kept relatively under wraps; gross margin rose 10 basis points to 11 percent, and selling, general and administrative expenses, while increasing 9.2 percent in dollars, dropped 19 basis points as a percentage of sales to 10.3 percent.