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Costco Posts Double-Digit Fiscal Q1 Gains

Issaquah, Wash. — Costco reported double-digit gains in net sales and net income for its fiscal first quarter that ended Nov. 25.

Net sales for the quarter grew 12 percent to $15.5 billion from $13.9 billion during the first quarter of fiscal 2007. On a comparable warehouse basis, that is warehouses open at least one year, net sales increased 8 percent. Comp-store sales for the quarter in the United States were up 5 percent, with international sales up 17 percent.

The U.S. comp-sales figure includes, among other things, the effect of recent gasoline price inflation, with the average sales price per gallon of gasoline up 21 percent year-over-year for the first quarter of fiscal 2008. Excluding gasoline price inflation, U.S. comparable sales in the first quarter would have been 4 percent. On a local currency basis, international comparable sales increased 5 percent in the first quarter.

Net income for the quarter increased 11 percent to $262 million, from $237 million during the first quarter of fiscal 2007.

Costco currently operates 529 warehouses, including 389 in the United States and Puerto Rico, 75 in Canada, 19 in the United Kingdom, five in Korea, five in Taiwan, six in Japan and 30 in Mexico. The Company also operates Costco Online, an e-commerce Web site, at and at in Canada.