Costco Sees Net Sales and Income Rise in Strong Q1 2015 Financial Report
ISSAQUAH, WA – Costco Wholesale Corporation has seen strong results for its first quarter of fiscal 2015, which ended on November 23, 2014.
The wholesale giant posted net sales of $26.28 billion, a 7% increase over the $24.47 billion during the same quarter last year. The company also saw comparable sales for Q1 increase by 5%.
Costco reported net income of $496 million, or $1.12 per diluted share, compared to $425 million, or $0.96 per diluted share, last year.
In 2013, Costco stated that it planned to open 150 new warehouses over the following 5 years, with 55 of these concentrated in the United States alone. The new stores, primarily located in unentered markets, according to Executive Vice President and CFO Richard Galanti, would mean a wider market and more customers shopping each day. This aggressive approach to expansion has been key to the Costco growth model.
According to its current financial report, the company currently operates 671 warehouses. That includes 474 in the United States and Puerto Rico, 88 in Canada, 32 in Mexico, 26 in the United Kingdom, 20 in Japan, 11 in Korea, 10 in Taiwan, 7 in Australia and 1 in Spain.
Stay tuned to AndNowUKnow as we continue to follow Costco's growth strategy.
