US retailer Costco has reported on a profit increase of over 17 per cent through the first quarter of the fiscal year, with net income climbing to US$312m.
Income was boosted by growth in net sales, rising by 11 per cent through the three-month period to hit US$18.82bn.
According to Costco, the quarter included sales from its Mexican joint venture, in which it holds a 50 per cent share, as it began consolidating its operations in the country on a prospective basis from the beginning of the year. Without these sales, the group noted that the increase would have stood at 8 per cent.
Comparable store sales jumped 5 per cent for the first quarter excluding fuel, with a 4 per cent rise in the US and a 10 per cent increase internationally.
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