Costco Wholesale Corp. posted a 2.6% increase in first-quarter profit that trailed analysts’ estimates amid risings costs that reduced margins. Net income advanced to $320 million in the quarter ended November 20, from $312 million a year earlier.
Net sales gained 13% to $21.18 billion with membership fees advancing 7.5% to $447 million.
Total revenue rose to $21.6 billion.
The retailer’s in-store gross margin, or the percentage of sales left after subtracting the cost of goods sold, narrowed to 10.62% from 10.97% a year earlier.
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