US warehouse retailer Costco today (8 December) announced a rise in first-quarter net income despite a US$12m settlement following a tax audit.

Net income for the period ending November 20 was $320m, up from $312m in the same period last year. The rise comes despite a $12m charge relating to the settlement of an income tax audit of the company’s 50% owned Mexico joint venture.

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Operating income for the quarter was $543m, compared to $525m in the same period in 2010.

Net sales for the quarter increased 13% to $21.18bn. Comparable-store sales grew by 6% in the US and by 10% overseas, leading to a 7% increase across the company.

Costco operates 596 warehouses, including 433 in the US and Puerto Rico. It has 82 in Canada, 32 in Mexico, 22 in the UK, 26 in Asia and three in Australia. It announced plans to open two additional warehouses in Japan before 2012.

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