ISSAQUAH, Wash. — ISSAQUAH, Wash. (AP) - Costco Wholesale Corp. said Thursday that its first-quarter profit grew 17 percent, fueled by strong sales at its warehouse stores where members buy in bulk.
The Issaquah, Washington-based company said it earned $640 million, or $1.45 per share, in its fiscal first quarter that ended Nov. 26. That's up from $545 million, or $1.24 per share a year earlier.
When a one-time gain for changes in accounting rules is excluded, Costco made $1.36 a share in the quarter.
Sales grew 10.5 percent at Costco's warehouse stores that have been open at least two years. This year's quarter got a boost because it included Black Friday sales around Thanksgiving. Last year those sales fell in its fiscal second quarter.
The 13 analysts surveyed by Zacks Investment Research expected adjusted earnings per share of $1.35 on average.
The warehouse club operator posted total revenue of $31.81 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $31.52 billion.
Costco shares have risen 17 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 18 percent
Its stock slipped 6 cents to $37.84 in after-market trading following the release of the earnings report.