ISSAQUAH – Costco’s fiscal first-quarter net income rose 30 percent on better sales and more revenue from membership fees at its warehouse clubs.
The Issaquah company said Wednesday that it earned $416 million, or 95 cents per share, for the period that ended Nov. 25. That compares with $320 million, or 73 cents per share, a year ago. Last year’s quarter included 7 cents per share in one-time charges. The earnings topped expectations of analysts surveyed by FactSet for earnings of 93 cents per share.
Revenue rose 10 percent to $23.72 billion from $21.63 billion, beating Wall Street’s forecast of $23.54 billion. Revenue at stores open at least a year climbed 7 percent in the quarter. The figure rose 7 percent in the U.S. and 9 percent overseas. Stripping out higher gas prices and stronger foreign currencies, revenue at stores open at least a year increased 6 percent for the total company and at U.S. locations. The figure rose 7 percent abroad.
In November Costco Wholesale Corp. said it would pay a special dividend of $7 per share. The special dividend will be paid Dec. 18 to shareholders of record Dec. 10.