ISSAQUAH, Wash.--Costco Wholesale Corp. recorded a double-digit earnings gain for the first quarter ended Nov. 25, due in part to a gasoline sales lift boosted by price inflation of this fuel.
Net income for the quarter increased 11 percent to $262 million, or 59 cents per diluted share, from $237 million, or 51 cents per diluted share, for the year-ago period. Net sales ticked up 12 percent to $15.47 billion from $13.85 billion for the same period last year on an 8 percent same-store sales increase. Same-store sales were helped by a 21 percent year-over-year gas price increase. Costco sells gasoline at its locations. Without the gas gain, same-store sales would have increased by 4 percent, the company stated.