Costco Fis. Q1 Sales Increase 9%

Issaquah, Wash.— Net sales at warehouse club Costco Wholesale jumped 9 percent in the retailer's fiscal first quarter, hitting $9 billion, up from $8.3 billion in the year-ago period. Comp-store sales increased 4 percent in the three months.

Net income at Costco climbed 12 percent in the first quarter, ending Nov. 24, reaching $145.7 million, compared with $129.7 million in the same period in 2001. The company attributed much of this increase to healthier margin, up 27 basis points, to 10.67 percent, in the three months. Costco's forecast of earnings for the current quarter was slightly below what most analysts were expecting.

The company, which operates 411 warehouse clubs, 304 in the United States, reported operating income of $237.8 million in the first three months, up from $215.4 million in the first quarter of last year.