Costco Sales Jump 14%, Net Soars 25%
By Jeff Malester -- TWICE, 3/8/2004
ISSAQUAH, WASH.— Costco Wholesale reported that it was positively impacted by stronger foreign currencies and a Southern California supermarket strike, enabling the chain to register a 14 percent sales increase during its fiscal second quarter, hitting $11.3 billion, up from $9.9 billion in the year-ago period.
Net income in the second three months, ended Feb. 15, soared 25 percent, with the wholesale club reporting $226.8 million in profit, compared with $182.1 million the previous year. Comps jumped 11 percent.
Costco net sales for the first half increased 14 percent to $21.6 billion, from $18.9 billion during the first six months of the previous year. Comp-store sales also rose 11 percent during this period.
Net income for the first six months climbed 18 percent, reaching $387 million, up from $327.8 million a year earlier.
