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Costco Q3 Sales, Net Rise

Issaquah, Wash. — Membership club Costco Wholesale enjoyed a 14 percent increase in sales for its fiscal third quarter, with revenue rising to $10.7 billion for the period, up from $9.3 billion during the year-ago three months. Comp-store sales for the quarter jumped 11 percent.

Net income for the quarter, ended May 9, soared 29 percent, hitting $198.7 million, compared with $153.8 million in the same three months in 2003.

The wholesale club, which currently operates 320 warehouses in the United States and Puerto Rico, as well as 113 locations in other parts of North America, Europe and the Far East, expects to open an additional seven to nine new clubs worldwide prior to the end of August.

For the nine months, Costco sales also increased 14 percent, reaching $32.3 billion, up from $28.3 billion in the same period the previous year. Comp-store sales for the nine months rose 11 percent over the prior-year level.

Net income for the nine months jumped 22 percent to $585.6 million, compared with net income of $481.6 million in the same time frame a year ago.