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Costco’s 1Q net income rises as sales improve

The Columbian
Published: December 8, 2010, 12:00am

ISSAQUAH, Wash. (AP) — Costco Wholesale Corp.’s first-quarter net income climbed 17 percent as sales improved and it pulled in more money from membership fees.

The nation’s biggest wholesale club operator reported Wednesday that it earned $312 million, or 71 cents per share, for the period ended Nov. 21. That’s up from $266 million, or 60 cents per share, a year earlier.

The results topped analysts’ 69 cents per share forecast.

Costco’s revenue rose 11 percent to $19.24 billion from $17.3 billion, beating Wall Street’s $18.81 billion.

The Issaquah, Wash.-based company says sales at clubs open at least a year climbed 7 percent.

This metric is a key indicator of a warehouse club operator’s health because it gauges results at existing clubs instead of newly opened ones.

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