Costco Wholesale Corporation (NASDAQ: COST) reported better-than-expected Q1 earnings, while sales missed views. The company also reported total comparable sales up 4.3% year-over-year.
The wholesale giant, based in Issaquah, Washington, reported net sales for the first quarter were $36.24 billion, an increase of 5.6 percent from $34.31 billion last year.
Net income for the quarter was $844 million, or $1.90 per diluted share, compared to $767 million, or $1.73 per diluted share, last year. This year’s first quarter reflects a $77 million ($0.17 per diluted share) tax benefit related to stock-based compensation, compared to a $59 million ($0.13 per diluted share) similar benefit last year.
Costco currently operates 785 warehouses, including 546 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, and one each in Iceland, France, and China.
Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, and Japan.
Shares slumbered $4.51, or 1.5%, to $292.83.