Costco profit edges up 2.6% in Q1, misses Street
Issaquah, Wash. -- Costco Wholesale Corp. reported Thursday that profit for the quarter ended Nov. 20 rose 2.6% to $320 million, from $312 million a year earlier. The wholesale club operator attributed the lackluster performance, which missed Wall Street expectations, to higher costs, which offset increased revenue.
Costco's revenue rose to $21.18 billion, missing analysts’ predicted $21.29 billion in revenue.
Same-store sales rose 10%; excluding gas prices and strengthening foreign currencies, the figure rose 7%.