Costco Fiscal Q2 Sales Increase 8%, Net Dips
By Staff -- TWICE, 3/10/2003
Issaquah, Wash. — Costco Wholesale enjoyed an 8 percent boost in fiscal second quarter sales, hitting $9.9 billion, up from $9.2 billion in the year-ago period, but the warehouse club saw income slide 5 percent, to $182.1 million, down from $192.6 million year over year.
Included in the second quarter operating results is a pre-tax charge of $26 million, $16 million after taxes, reflecting an increase in workers' compensation loss reserves.
Comp-store sales for the second quarter, ended Feb. 16, climbed 4 percent overall, with a 3 percent rise in U.S. stores.
For the six months, Costco sales increased 8 percent, hitting $18.9 billion, up from $17.5 billion in the same period a year earlier. Net income for the first half climbed 2 percent, reaching $327.8 million, up from $322.2 million. Comp-store sales rose 4 percent in the six months, with U.S. locations logging in a 3 percent increase.
Costco plans to open seven to nine additional new warehouses, including the relocation of one to a larger and better-located facility, prior to the end of the fiscal year on Aug. 31.
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