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Costco 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.

Comparable-store sales increased 4 percent in the three months.

Net income at Costco climbed 12 percent in the first quarter, ending November 24, reaching $145.7 million, compared with $129.7 million in the same period in 2001.

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.