Costco Has Improved Quarter
The warehouse-club retailer posted net sales of $27.47 billion, up 3.2 percent from the first quarter of last year; net income of $545 million, up 13.5 percent over last year; and same-store sales up 1 percent globally.
Income was helped by Costco’s decision to switch in June from American Express to Visa as its sole credit card affiliation. Visa’s lower fees were reflected in the bottom line, CFO Richard Galanti told investors. In addition, revenue from membership fees increased 6.2 percent to $630 million.