Costco Profit Up 11%

Issaquah, Wash. Costco Wholesale Corp. said Thursday its fiscal first-quarter profit climbed 11%, partly on solid membership-fee growth, to meet Wall Street's expectations.

For the period ended Nov. 25, the company reported earnings of $262 million compared with $236.9 million in the prior year.

Quarterly revenue rose 12% to $15.81 billion from $14.15 billion on increased membership-fee revenue and higher sales.

Membership fee revenue climbed to $338 million from $299.3 million, the company said.

Same-store warehouse sales rose 8% during the quarter, while U.S. same-store sales grew 5%. Excluding the impact of rising gas prices, U.S. same-store sales increased 4%. International same-store sales surged 17% on favorable currency exchange rates and climbed 5% on a local currency basis.