Costco Sales Rise 10%, Hit $12.4 Billion In Fis. Q2
By Jeff Malester -- TWICE, 3/7/2005
Issaquah, Wash. — Costco Wholesale sales jumped 10 percent in the club’s fiscal second quarter, hitting $12.4 billion, up from $11.3 billion in the year-ago period.
Net income, which was positively impacted by a one-time $52.1 million income tax benefit, soared 35 percent. This reached $305.5 million, from $226.8 million in the same three months the previous year. Comp-store sales for U.S. locations rose 6 percent in the second quarter. Total company comps increased 7 percent in the same period.
Costco, which said it has adjusted its method of accounting for leases entered into over the past 20 years, recorded a cumulative pretax, non-cash charge of $16 million in the second fiscal quarter, which ended Feb. 13.
For the six months, Costco sales also increased 10 percent, coming in at $23.8 billion, up from $21.6 billion the previous period. Comp-store sales for U.S. stores jumped 6 percent, and total company comp-store sales 7 percent.
Net income moved up 29 percent in the first half, reaching $498.6 million, compared with $387 million in the same period a year earlier. Without the impact of the second-quarter tax benefit and the cumulative charge to pre-opening expenses, net income for the first six months would have been $456.5 million, an 18 percent increase year-on-year.
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