Costco Wholesale Q1 Profit Declines; Comps Down 1% - Quick Facts

(RTTNews) - Costco Wholesale Corp. (COST) reported that its net income for the first-quarter declined to $480 million or $1.09 per share, from $496 million, or $1.12 per share, last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.17 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the first quarter increased one percent, to $26.63 billion from $26.28 billion during the first quarter last year. Wall Street expected revenues of $27.65 billion.

Total comparable sales for the quarter were down 1%, with a 2 percent rise in U.S., an 9 percent drop in Canada, and a 5 percent decline in Other International comparable sales.

Quarterly total Comparable sales, excluding the negative impacts from gasoline price deflation and foreign exchange, were up 6 percent, with a 6 percent rise in U.S., a 9 percent increase in Canada, and 7 percent rise in Other International comparable sales.