Costco Q1 sales up 11%

ISSAQUAH, Wash. Costco Wholesale announced that nets sales for the first quarter of fiscal 2011 increased 11% to $18.82 billion from $16.92 billion during the first quarter of fiscal 2010.

Excluding the impact of fuel and foreign currencies, total company same-store sales were up 5%, and U.S. same-store sales were up 4%.

Net income for the quarter was $312 million, or 71 cents per diluted share, compared to $266 million, or 60 per diluted share, during the first quarter of fiscal 2010.