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Costco Q2 Sales, Profits Up

3/03/2010 10:54:52 AM Eastern
Issaquah, Wash. - Costco reported higher net sales and profits for its fiscal second quarter, ended Feb. 28, and higher February sales compared with last year.

Net sales for its fiscal second quarter were up 11 percent to $18.4 billion, from $16.5 billion during the second quarter of fiscal 2009.

Comp sales for the second quarter were up 5 percent in the U.S. and 26 percent internationally for a total of a 9 percent gain compared with the same quarter last year.

 Comp sales - excluding the positive impacts from gasoline inflation and the strengthening of foreign currencies (primarily in Canada, the United Kingdom and Korea) - for the quarter were up 2 percent in the U.S., increased 10 percent internationally, for a total gain of 3 percent.

Net income in Costco's fiscal second quarter was $299 million, compared with $239 million during the second quarter of fiscal 2009.

Costco's net sales for February were $5.61 billion, an increase of 11percent from $5.06 billion in the same four-week period of the prior fiscal year.

Comp sales for February were up 5 percent in the U.S., 26 percent internationally, for a total gain of 9 percent.

Comp sales, excluding gasoline inflation and strengthening of foreign currencies, during February were up 2 percent in the U.S., 10 percent internationally, for a total 4 percent gain.

Costco operates 566 warehouses, including 413 in the U.S., and www.costco.com. It plans to open seven or eight new warehouses at the end of the fiscal year on Aug. 29, 2010.
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