Costco Reports Higher Sales, Flat Income
By Staff -- TWICE, 10/23/2006
Issaquah, Wash. — Costco reported a 19 percent gain in sales and relatively flat net income for its fiscal fourth quarter ended Sept. 3.
Net sales for its fourth quarter increased 19 percent to $19.5 billion from $16.37 billion during the same time last year, while comp sales were up 8 percent.
Net income for its fiscal fourth quarter was $355.6 million compared to $354.7 million during last year's fiscal final quarter.
Net sales for fiscal 2006 ended Sept. 3, 2006 were $58.96 billion, an increase of 14 percent from $51.88 billion during the prior 52-week fiscal year ended Aug. 28, 2005. Comp warehouse sales increased 8 percent over the previous fiscal year.
Net income for fiscal 2006 increased to $1.10 billion from $1.06 billion during fiscal year 2005. As previously disclosed, the fiscal year 2005 results also included several non-recurring items that in the aggregate positively impacted reported earnings.
Costco currently operates 488 warehouses, including 359 in the United States and Puerto Rico, 68 in Canada, 18 in the United Kingdom, five in Korea, four in Taiwan, five in Japan and 29 in Mexico. The Company also operates Costco Online, an electronic commerce Web site, at www.costco.com and at www.costco.ca in Canada. Costco plans to open an additional 15 to 16 new warehouses prior to the end of calendar year 2006.
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