You are here
ISSAQUAH, Wash. -- Strong international sales growth and the timing of the Fourth of July holiday, which added another day to the reporting period, boosted Costco Wholesale Corp.'s net sales and total comp sales for the 5-weeks ended July 3.
The warehouse club yesterday reported net sales of $5.22 billion for the quarter, an increase of 12 percent last year's $4.65 billion. Comp store sales grew 9 percent -- 8 percent in the U.S. and 14 percent internationally.
For the 44 weeks of its 2005 fiscal year, Costco reported sales of $43.76 billion, an increase of 10 percent from $39.80 billion over the previous fiscal year. Comp sales for this period were 6 percent for U.S. operations and 11 percent among its international operations.
Reported net sales were reduced by the implementation of Emerging Issues Task Force Issue No. 03-10 ("EITF 03-10"), "Application of Issue No. 02-16 by Resellers to Sales Incentives Offered to Consumers by Manufacturers," which was effective at the beginning of the Company's fiscal 2004 third quarter, February 16, 2004. Sales for the 5-week reporting periods are on a comparable after-coupon basis; however, had sales for the 44-week year-to-date period last year been reported under EITF 03-10, the total Company reported net sales increase and the total Company comparable sales increase would have been 10 percent and 8 percent, respectively.
Costco currently operates 456 warehouses, including 336 in the United States and Puerto Rico, 65 in Canada, 16 in the United Kingdom, five in Korea, four in Taiwan, five in Japan and 25 in Mexico. The retailer also operates Costco Online, an electronic commerce Web site, at http://www.costco.com and at http://www.costco.ca in Canada. Costco plans to open 5 additional new warehouses prior to the end of its fiscal 2005.