Costco plans international expansion in the future
Reports positive first quarter results with increase in same-store sales
Costco Wholesale Corp. beat analyst estimates with the release of their first quarter results last week.
Net income rose 17% to $496 million, and same-store sales (excluding the impact of currency fluctuations and gas-price deflation) increased 7%.
Supermarket News reported Richard A. Galanti, EVP and CFO, told analysts the mass merchandise retailer will continue international expansion and is contemplating warehouse opportunities in China.
Costco plans to open a second location in Spain in the second half of fiscal 2016, and Galanti said the company is still trying to get their first unit open in France.
According to Supermarket Newse, food and sundries, candy, deli and spirits were standouts during the quarter, as was organic food.