Costco Q1 profit jumps 17%; tops estimates

Issaquah, Wash. – Costco Wholesale Corp. beat Wall Street expectations for net income and sales during the first quarter of fiscal 2015. Net income totaled $496 million, up 17% from $425 million the same period a year earlier.



Lower opening expenses and higher interest income helped boost profits.



Total revenue grew 7% to $26.87 million from $25.02 million. Total same-store sales rose 5%.

Costco announced during this quarter that it will enter the Chinese market through Alibab’s onlie Tmall Global marketplace, which will allow the chain to introduce offerings to mainland China while outsourcing most of the related logistics.