US multinational retailer Costco Wholesale has reported that its net income grew to $1.58bn in the first quarter of fiscal 2024 (Q1 FY24), from $1.36bn in the same period in FY23.

The retailer’s net income per diluted share for the quarter was $3.58, compared with $3.07 in Q1 FY23.

Its operating income was $5.35bn in Q1 FY24, increasing from $4.91bn a year previously.    

During the quarter ending 26 November 2023, Costco Wholesale generated $56.72bn in net sales, an increase of 6.1% from $53.44bn in the corresponding period in fiscal 2023.

Comparable sales for the retailer grew 3.8% in Q1 FY24, driven by 2.0% growth in the US and 6.4% and 11.2% growth in Canada and other international regions.

Costco Wholesale’s e-commerce comparable sales for the quarter increased 6.3% from the same quarter of the previous year.

Total revenue for the retailer was $57.79bn in Q1 FY23, up from $54.43bn a year previously.

As of the end of the quarter, the company's long-term debt, excluding the current portion, is $5.86bn.

Costco, a membership warehouse club, offers a selection of merchandise and other speciality departments and exclusive member services.

It currently operates 871 warehouses, including 600 in the US and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan and 29 in the UK.

It also operates e-commerce sites in Australia, Canada, Japan, Korea, Mexico, Taiwan, the UK and the US.

In fiscal 2023, the company recorded net sales of $237.71bn, an increase of 6.7% from $222.73bn in FY22.