Costco sees 12% gains in net sales, income

Costco Wholesale Corp announced its operating results for the first quarter of fiscal 2006, ended Nov 20, 2005.

Net sales for the first quarter of fiscal 2006 increased 12% to $12.66 billion from $11.34 billion during the first quarter of fiscal 2005.

For the first quarter of fiscal 2006, net income rose 12% to $215.8 million from $193.2 million during the first quarter of fiscal 2005. This year's fiscal first quarter results included a pretax charge of about $7.6 million related to damage from Hurricane Wilma in Florida.

Costco, which operates 471 warehouses, plans to open another 18 to 20 new locations, including the relocation of two to three warehouses, before its fiscal year ends Sept 3, 2006.