Growth in sales and membership income at Costco helped the company produce earnings per share of 95 cents and beat analysts’ estimates by two cents.
Sales for the company’s first quarter ended November 25, increased 10% to $23.2 billion from $21.2 billion and profits increased 30% to $416 million, or 95 cents a share, from $320 million, or 73 cents a share. The profit performance benefited from the inclusion of charges totaling $29 million, or 7 cents a share, in the prior year reporting period. On an adjusted basis excluding those charges from the prior year, profits increased a slightly less impressive 19.2%.
Same store sales increased 6% domestically and 7% internationally, excluding fuel sales and foreign exchange effects.
Membership trends remain solid as fee income advanced 14.3% to $511 million from $447 million the prior year.
The company ended the quarter with cash, cash equivalents and short term investments totaling $5.6 billion, nearly a 15% increase from $4.8 billion at the end of