|Page (1) of 1 - 12/08/11||email article||print page|
Costco profit rises 2.6 percent, but results miss Wall Street expectations
ISSAQUAH, Wash. (AP) ' Costco Wholesale Corp. says its fiscal first-quarter profit rose 2.6 percent as shoppers spent more on gasoline and the company benefited from currency exchange rates.
The wholesale club operator reported Thursday that its net income rose to $320 million, or 73 cents per share, for the quarter that ended Nov. 20. That's up from $312 million, or 71 cents per share, in the same quarter last year.
Costco's revenue rose 12.5 percent to $21.18 billion because of higher gasoline prices and benefits of foreign exchange.
The results missed the earnings of 80 cents per share on revenue of $21.29 billion that analysts expected.
Costco has performed better than many retailers in the down economy as consumers turned to its wholesale clubs for deals on everyday necessities.
Costco is based in Issaquah, Wash.