Costco net sales up 12% for the quarter

ISSAQUAH, Wash. Costco today reported net sales of $15.47 billion for its first quarter of fiscal 2008, an increase of 12% over net sales of $13.85 billion last year.

The company reported that comparable-warehouse sales increased 8%. According to Costco, U.S. comparable sales were impacted by higher gas prices, with the average sales price per gallon of gasoline up 21% year-over-year for the first quarter. Costco said that excluding gasoline price inflation, U.S. comparable sales in the quarter would have been 4%.

Net income for the first quarter of fiscal 2008 increased 11% to $262 million, or 59 cents per diluted share, from $237 million, or 51 cents per diluted share, during the first quarter of fiscal 2007.