Costco (COST) Q1 Profit Jumps 17% on Mexico Joint Venture Inclusion

December 8, 2010 9:30 AM EST
Costco Wholesale (Nasdaq: COST) posted strong first quarter earnings results today, bolstered by their 50% ownership in a Mexico joint venture, which they begain consolidating on a prospective basis starting this quarter.

Net income for the quarter was $312 million, $0.71 per share, a 17.3% jump from $266 million reported in Q110.

Revenue in the quarter increased 11.2% from $16.92 billion to $18.82 billion. Membership fees jumped 10% to $416 million.

Overall, the Street was looking for an EPS of $0.69 and revs of $18.82 billion.

Worldwide comparable-store sales increased 7% through the quarter. When excluding the impact of gasoline prices and foreign exchange, comps were up 5%.

Shares are slightly lower this morning, ahead of the bell.


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