Costco Q1 earnings rise 13%

ISSAQUAH, Wash. — Costco Wholesale reported 2017 fiscal first-quarter net income rose 13% to $545 million ($1.24 per share), compared to $480 million ($1.09 per diluted share) during its 2016 fiscal first quarter. 2017 fiscal Q1 earnings benefitted from a non-recurring $51 million legal settlement.

For the quarter ended Nov. 20, net sales enjoyed a 3% percent year-over-year increase to $27.47 billion. In the United States, comparable store sales rose 1 percent year over year. Total revenues increased to $28.1 billion, helped by a $37 million increase in membership fees.

Total current assets also increased to $18.57 billion.

Wall Street analysts polled by FactSet expected Q1 profits of $1.19 a share on revenue of $28.3 billion. In after-hours trading Costco’s NASDAQ stock traded down slightly to $153 per share.

Issaquah-based Costco operates 723 warehouses, including 506 in the United States and Puerto Rico.