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ISSAQUAH, Wash – Strong showings by food and sundries and fresh foods helped Costco bring in a 10 percent increase in net sales for the first quarter of fiscal 2005, to $11.34 billion from $10.31 billion during the first quarter of fiscal 2004. On a comparable warehouse basis, net sales increased 7 percent for the club chain.
Net income for the first quarter of fiscal 2005 increased 21 percent to $193.2 million, or $.40 per diluted share, from $160.2 million, or $.34 per diluted share, during the first quarter of fiscal 2004.
In a conference call yesterday, Costco executives said the chain’s position as the "price-value leader" in the market should allow it to continue to steal share from other channels, including supermarkets, and keep it on track to meet analysts expectations of earning growth for the fiscal year.
Costco currently operates 449 warehouses, including 333 in the United States and Puerto Rico, 63 in Canada, 15 in the United Kingdom, five in Korea, three in Taiwan, five in Japan and 25 in Mexico. The company also operates Costco Online, an electronic commerce Web site, at www.costco.com.