Costco off to great start with Q1 beat
The holiday season started strong at Costco where U.S. same store sales advanced 7 percent during the company’s first quarter ended Nov. 23.
Total company sales during the period increased 7 percent to nearly $26.3 billion from $24.5 billion. Membership income grew slightly slower, advancing 6 percent to $582 million. Same stores sales excluding the effects of the strengthening U.S. dollar and fuel price deflation were 7 percent and U.S. and international locations.
Profits during the period increased to $496 million, or $1.12 per share, three cents better than analysts’ consensus forecast, compared to $425 million, or 96 cents a share the prior year.
Costco end the quarter with a total of 671 warehouses, including 474 in the United States and Puerto Rico, 88 in Canada, 34 in Mexico, 26 in the United Kingdom, 20 in Japan, 11 in Korea, 10 in Taiwan, seven in Australia and one in Spain.