UPDATE: Costco Reports 2.6% Rise In FQ1 Net Income

Costco Wholesale Corp

reported a 2.6% rise in its fiscal-first-quarter net income. Costco's quarterly earnings surged to $320 million, or $0.73 per share, from $312 million, or $0.71 per share, in the year-ago period. Its sales climbed to $21.18 billion from $18.82 billion. Its revenue, including membership fees, gained 12% to $21.63 billion from $19.24 billion. However, analysts were expecting a profit of $0.80 per share on sales of $21.29 billion. Costco reported a 10% rise in its comparable sales. Costco shares gained 0.61% to $88.00 in after-hours trading.