Costco’s U.S. comps see slight increase in Q1

ISSAQUAH, Wash. — Costco on Tuesday reported its sales for the first quarter of the 2016 fiscal year, showing only a modest 2% rise in U.S. sales over the same quarter in FY15. The company’s net comparable U.S. sales rose to $26.63 billion from $26.28 billion last year. Excluding the effects of gasoline price deflation and foreign exchange, its sales were up in the U.S. 6%. 

 

For the entire company, including international business, comparable sales were down 1%, with the largest decrease in Canada, where comps were down 9%, largely due to the effects of foreign exchange and gas price deflation, as Canadian sales were up 9% when those factors are excluded. 

 

Net income was $480 million, down slightly from last year’s $496 million in income. Costco plans to open one new warehouse before the end of 2015.