Costco's Sales, Q3 Profits Rose

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Issaquah, Wash. - Costco reported that net sales and net income both rose in its fiscal third quarter, ended May 9.

Net sales for the third quarter were up 12 percent, to $17.39 billion, from $15.48 billion in the prior year's third quarter.

Net income was up year on year for the third quarter to $306 million, an increase from $210 million.

Comp sales in the U.S. for the quarter were up 6 percent and up 26 percent internationally, Costco reported.

Third-quarter results this year were positively affected by a partial reversal in the amount of $14 million (pretax) of a charge related to a Canadian tax liability, previously taken in the second quarter of fiscal 2007. Third-quarter results last year were negatively impacted by a pretax charge of $34 million (pretax and mostly non-cash) related to a litigation settlement concerning our membership renewal policy.

Costco currently operates 568 warehouses, including 414 in the United States and Puerto Rico. Costco plans to open warehouses prior to the end of its 2010 fiscal year on Aug 29.

In the

TWICE Top 100 CE Retailers Report

Costco ranked No. 5, with $5.1 billion CE sales in calendar year 2009.


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