A strong turnaround in a key sales figure and rising revenue despite lower gasoline prices helped Costco Wholesale Corp. post a slight increase in its fiscal first-quarter profit on Thursday.
The nation's largest wholesale-club operator has been helped by sales of food and everyday items to recession-weary consumers during the economic downturn, but has recently seen purchases of some nonfood items rise slightly.
Costco, based in Issaquah, Wash., has been among the stronger retailers during the recession because of its focus on lower prices and everyday necessities. But its sales still took a hit last fall when shoppers clamped down on spending after being stung by the financial meltdown.
The sales increases are an encouraging sign for Costco. Sales at stores open at least a year, an important measurement for retailers, rose 3 percent. This is a significant improvement from the previous quarter, when the sales figure fell 5 percent.
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