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Costco posts strong sales gains in Q1

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ISSAQUAH, Wash. — Costco Wholesale Corp. reported strong sales gains in the first quarter of fiscal 2022, which ended on November 21. Net sales for the first quarter increased 16.7%, to $49.42 billion, up from $42.35 billion in the same quarter last year.

CostcoComparable sales in the United States increased 14.9% (9.9% when the effects of gasoline sales are excluded). For the whole company, comp-store sales increased 15% (9.8% when gasoline sales and foreign exchange rates changes are excluded).

Net income for the quarter was $1.324 billion, or $2.98 per diluted share, compared to $1,166 million, $2.62 per diluted share, last year.

This year included a tax benefit of $91 million, or $0.21 per diluted share, that was related to stock-based compensation, and a write-off of certain information technology assets of $118 million pre-tax, $0.20 per diluted share. Last year’s quarter included tax benefits of $145 million, $0.33 per diluted share, and incremental expenses for COVID-19 premium wages of $212 million pre-tax, $0.35 per diluted share.

Costco said it finished the quarter with 828 warehouses clubs, including 572 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.