US wholesale retailer Costco has booked an increase in profit in the first quarter of the year.
Earnings in the three months to 25 November amounted to US$416m, a 30% increase on the prior year period. Last year’s net income was negatively impacted by a $12m charge related to settlement of an income tax audit of the company’s Mexico operation and a $17m charge related to contributions to an initiative reforming alcoholic beverage laws in Washington State.
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Operating profit amounted to $639m versus $543m last year, while net sales climbed 9.4% to $23.2m
The group said it plans to open a new warehouse before the end of the calendar year. It currently operates 621 warehouses.
