Costco (NASDAQ: COST), arguably the most successful of the big box retailers, posted impressive same-store sales for the latest quarter. The company also tood a charge.
Net sales for the quarter increased thirteen percent to $21.18 billion from $18.82 billion during the first quarter of fiscal 2011.
Net income for the quarter was $320 million, or $.73 per diluted share, compared to $312 million, or $.71 per diluted share, for the first quarter of fiscal 2011. First quarter results were negatively impacted by a $24 million charge relating to the settlement of an income tax audit of the Company’s 50% owned Mexico joint venture. The impact on net income attributable to Costco was $12 million, or $.03 per diluted share. Also negatively impacting this year’s results was a $17 million charge, or $.04 per diluted share, for contributions to the Yes on 1183 Coalition in support of an initiative reforming alcoholic beverage laws in Washington State. (The initiative was approved by a 59% to 41% margin.) These contributions were not tax deductible under U.S. tax laws.
Costco operates 596 stores in the US
For the period which ended November 20
12 Weeks
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U.S. 10%
International 11%
Total Company 10%
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