UPDATE 4-Costco quarterly profit rises slightly, shares fall

* Q1 adjusted EPS $0.65 vs analysts' view $0.62

* Q1 same-store sales up 1 pct

* Shares down 3.4 percent (Recasts, adds stock price)

By Nicole Maestri

NEW YORK, Dec 11 (Reuters) - Costco Wholesale Corp's (COST.O) quarterly profit rose slightly as strong results from its gasoline stations helped to offset weak consumer demand for all but the most essential household items.

Warehouse clubs like Costco had been seen as a relative safe heaven amid a beaten-down U.S. retail sector as shoppers seek out their discounted prices on food and toiletries. But Costco's results showed that its business is not immune from a year-long U.S. recession that has crimped spending among even its higher-income shoppers.

Analysts also said the boost Costco received from its gas business in the latest quarter was expected to be temporary.

"It's unlikely that they will see this sort of positive performance in future quarters," said Neil Currie, a retail analyst with UBS. But Currie, who has a neutral rating on Costco's shares, said Costco's profit performance was "impressive."

Shares fell 3.4 percent to $51.84 in late morning trading.

Net income rose to $262.5 million, or 60 cents per share, for the fiscal first quarter ended Nov. 23, from $262 million, or 59 cents per share, a year earlier.

Excluding a charge for accounting adjustments on insurance contracts and an impairment of corporate investments, earnings were 65 cents per share, compared with analysts' view of 62 cents, according to Reuters Estimates.

Quarterly sales rose almost 4 percent to $16.04 billion, excluding membership fees, which increased 6 percent to $358.7 million. Sales at its clubs open at least a year, a key retail gauge known as same-store sales, increased 1 percent.

GAS STATIONS A PROFIT DRIVER

Costco is the largest U.S. warehouse club operator, competing with Wal-Mart Stores Inc's (WMT.N) Sam's Club and BJ's Wholesale Club (BJ.N).

It has won customers by offering unexpected items, like Burberry handbags, alongside typical warehouse club goods, such as bulk-sized packages of napkins and crates of fresh fruit. As a U.S. recession has squeezed budgets, customers have come to its clubs for low prices on food.

But its business has slowed in recent months as shoppers avoid splurging on unnecessary items, like jewelry and clothes, and a strong U.S. dollar cuts the value of its international sales.