Shares of Costco (COST) lost some 1.7% over the past trading week. The wholesaler of predominantly food products reported its first quarter results on Wednesday, which triggered little enthusiasm among investors.
First Quarter Results
Costco reported first quarter revenues of $23.71 billion for the first quarter of its fiscal 2013, up 9.6% on the year before. Sales growth was driven by a strong same store sales growth of 7%, driven by a 9% increase in international same store sales. Excluding the impact of gasoline inflation, same store sales rose by 6%.
Gross margins rose 6 basis points to 10.68% during the quarter. Selling, general & administrative expenses fell by 7 basis points to 10.05%. Higher gross margins and lower operating expenses resulted in an 18% increase in operating income, coming in at $639 million.
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