Costco’s 1st Quarter Sales Up 12.54 Percent

Costco posted a profit of $320 million ($.73 a share) on sales of $21.18 billion for its first fiscal quarter of 2012, ended November 20, 2011. First quarter sales were up 12.54 percent from the same quarter a year ago. The company’s performance was positively affected by inflation in gasoline prices and strengthening foreign currencies. The company said first quarter results were negatively impacted by a $24 million charge relating to the settlement of an income tax audit of the company's 50 percent owned Mexico joint venture. Costco operates 596 warehouses, including 433 in the United States and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the United Kingdom, nine in Japan, eight in Taiwan, seven in Korea and three in Australia.