Costco comps, profits up in Q1

ISSAQUAH, Wash. —Costco Wholesale reported that net sales for the first quarter of 2012 increased 13% to $21.18 billion from $18.82 billion during the first quarter of fiscal 2011.

Total comps for the quarter increased 10%, which included a 10% increase in U.S. comps and an 11% increase in international comps.

Excluding the impact of fuel and strengthening foreign currencies, total comps for the quarter were up 7%, U.S. comps rose 6% and international comps rose 10%.

Net income for the quarter was $320 million, or 73 cents per diluted share, compared with $312 million, or 71 cents per diluted share, for the first quarter of fiscal 2011.

Costco currently operates 596 warehouses, including 433 in the United States and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the United Kingdom, nine in Japan, eight in Taiwan, seven in Korea and three in Australia.