Costco Q1 profit up on improved sales

Issaquah, Wash. -- Costco Wholesale Corp.'s profit climbed 18% in its first fiscal quarter, buoyed by sales from its consolidated Mexican operations and improved sales and traffic at its U.S. stores. Net income rose to $312 million for the period ended Nov. 21, up from $266 million a year earlier.



The results topped analysts' average forecasts.



Revenue rose 11% to $19.24 billion from $17.3 billion, also beating Wall Street's expectation.



The company said same-store sales were up 7%, with international results up 14% and U.S. results rising 5%.



Removing the impact of gasoline sales and strengthening foreign currencies, same-store sales rose 5%. The same figure climbed 10% internationally and 4% in the United States.



Costco does not issue quarterly earnings guidance. The company currently has 582 warehouses, with 425 in the United States and Puerto Rico; 80 in Canada; 22 in the United Kingdom; seven in Korea;, six in Taiwan; nine in Japan; one in Australia; and 32 in Mexico.