Costco Q1 results sing
Home Textiles Today Staff -- Home Textiles Today, 5/30/2013 2:20:31 PM
Issaquah, Wash. -- Costco Wholesale Corporation posted a 19% increase in net income in the first quarter, along with strong comp gains and sales growth over the 12 weeks as well as year to date.
Net income hit $459 million, or $1.04 per diluted share, compared to last year's $386 million, or $.88 per diluted share.
Quarterly net sales were up 8.0%, to $23.55 billion, compared to $21.85 billion. And comps grew 7% in the U.S. division, 7% internationally and 7% for the total company, excluding negative impacts from changes in gasoline prices and foreign exchange rates.
Year to date, net income jumped 29% to $1.42 billion, or $3.23 per diluted share, compared to $1.10 billion, or $2.50 per diluted share, last year. The company said these results were positively impacted by a second quarter $62 million, or $.14 per diluted share, tax benefit in connection with the portion of the special cash dividend paid in December 2012 to the company 401(k) plan participants.
Net sales for the first thirty-six weeks increased 8.0%, to $71.10 billion, from $65.54 billion last year. And comps grew by 6% in the U.S., internationally, and for the total company.