Costco Q1 profit up 30 pct, beat estimates
Dec 12 (Reuters) - Costco Wholesale Corp posted a 30 percent rise in quarterly profit, beating expectations, as the largest U.S. warehouse club chain saw sales rise and got a lift from higher membership fees.
Costco earned $416 million, or 95 cents per share, in its fiscal first quarter that ended in November.
Quarterly net sales rose 9.5 percent to $23.2 billion.
Analysts, on average, were expecting first-quarter earnings of 93 cents per share, before special items, on revenue of $23.7 billion, according to Thomson Reuters I/B/E/S.
Membership fee revenue rose 14.3 percent to $511 million in the quarter, Costco said. The Issaquah, Washington-based chain raised fees for most U.S. and Canadian members by 10 percent on Nov. 1, 2011.
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