Costco Gains in Third Quarter
Home & Textiles Today Staff -- Home Textiles Today, June 9, 2011
ISSAQUAH, WASH. - Costco Wholesale Corp. enjoyed double- digit net sales increases as well as single-digit gains in comps and net income during its third quarter.
For the 12-week period ended May 8, sales stole the spotlight with a 16% increase to $20.19 billion. Comparable sales were up 6% in the United States, excluding the positive impacts from inflation in gasoline and strengthening foreign currencies. With these effects, U.S. comps were up 10%.
Net income grew by 5.9% to $324 million, or 73 cents per share, compared to $306 million, or 68 cents per share, in 2010's Q3.
Year to date, sales were up 13% to $59.46 billion. Results include sales from the company's 50% owned Mexico joint venture, as Costco began consolidating its Mexico operations beginning with its 2011 fiscal year. Mexico's sales accounted for approximately three percentage points of the increase for the quarter and the year-to-date sales.