Costco sees slight 3Q comps growth

ISSAQUAH, Wash. Costco Wholesale reported that net sales for the first quarter of fiscal 2009 increased 4% to $16.04 billion from $15.47 billion during the first quarter of fiscal 2008. On a comparable-warehouse basis, net sales increased 1%.

Net income for the first quarter of fiscal 2009 was $262.5 million, or 60 cents per diluted share, compared to $262 million, or 59 cents per diluted share, during the first quarter of fiscal 2008.

According to Richard Galanti, Chief Financial Officer of Costco, "First quarter 2009 results benefited from very strong gasoline profitability when compared to last year. Results were hurt by a slowdown in non-food discretionary sales and related reductions in margins associated with these sales, primarily in the latter half of the quarter."