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Costco Fiscal Q3 Sales Jump 12%

5/30/2002 09:19:00 AM Eastern

Issaquah, Wash. - With consumers finding more of a value in bulk goods during the ongoing sluggish U.S. economy, warehouse club Costco enjoyed a 12 percent increase in sales during its fiscal third quarter, hitting $8.4 billion, compared with $7.6 billion in the year-ago period. Comp-store sales for the quarter rose 6 percent.

Net income during the third quarter, ended May 12, climbed 24 percent, to $130.4 million, up from $105.3 million in the same three months in 2001.

Costco, which operates 285 U.S. warehouses, said it plans to open 16 to 18 more units worldwide prior to the end of 2002. It currently operates 389 locations around the globe.

For the nine months, Costco reported sales of $25.9 billion, an increase of 12 percent over the $23.2 billion recorded in the same period a year ago. Comp-store sales for the nine months climbed 6 percent.

Net income for the nine months jumped 10 percent, to $452.6 million, up from $411.4 million year over year.