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ISSAQUAH, Wash. -Costco Wholesale Corp. saw an 11 percent increase in sales of $5.14 billion for the month of May compared to last year, an indication it may have finally shaken off the negative effects from the increase in the sales returns reserve balance, which had decreased third quarter sales by $228.2 million.
For the first 40 weeks of its reporting period ended June 3, the retailer reported sales of $47.96 billion, an increase of 9 percent from last year's $44.10 billion. The fiscal 2007 year-to-date sales results include the $452 million adjustment to the sales returns reserve previously reported in its fiscal Q2 and Q3 results.
Excluding the adjustment, sales for the 40-week year-to-date period were $48.41 billion, a 10 percent increase over 2006.
Same store sales for the month were 7 percent for both its U.S. and international operations and for the year to date were 5 percent in the U.S. and 8 percent for international stores.
Costco operates 511 warehouse clubs, including 377 in the United States and Puerto Rico, 71 in Canada, 19 in the United Kingdom, five in Korea, four in Taiwan, five in Japan, and 30 in Mexico.