US-based club retailer Costco Wholesale has revealed in a statement a 6 per cent increase in net sales for the first quarter of fiscal 2010 to US$16.92bn, up from US$16.04bn in the year-earlier period.
However, during the 12 weeks ended 22 November 2009, lower gas prices, higher merchandise costs and a weak dollar (versus the strengthening of foreign currencies) offset the sales growth, resulting in flat profits which were in line with analysts’ expectations.
As a result, net income for the quarter reached US$266m, or US$0.60 cents per share, compared with US$263m, or US$0.60 cents per share, last year.
On a comparative-store basis (at least one new outlet opens every year), net sales increased 3 per cent.
Costco operates 566 warehouses, including 413 in the US and Puerto Rico, 77 in Canada, 21 in the UK, seven in Korea, six in Taiwan, nine in Japan, one in Australia, and 32 in Mexico.
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