Costco Has Booked an Increase in Profit in The First Quarter of The Year

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.

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.