Costco Wholesale Corporation said Thursday that its net sales for the first quarter of 2023 increased by 8.1% to $53.44 billion from $49.42 billion last year, while total revenue stood at $54 billion in the three months to November 20.

The company also declared that net income was $1.4 billion compared with the $1.3 billion last year, while Diluted Earnings per Share (EPS) came in at $3.07 above $2.98 for the same period a year earlier.

"This year's results included a charge of $93 million pre-tax, $0.15 per diluted share, primarily related to downsizing our charter shipping activities, and a tax benefit of $53 million, $0.12 per diluted share, related to stock-based compensation," read the statement.

Costco shares fell by 1.17% to $476 at 4:35 pm ET in after-hours trading following the report's publication.