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    Costco Reports 12 Percent Increase in Third-quarter Net Sales

    ISSAQUAH, Wash. - Costco Wholesale Corporation said Wednesday that net sales for the third quarter of fiscal 2002 increased 12 percent to $8.44 billion from $7.56 billion last year.

    ISSAQUAH, Wash. - Costco Wholesale Corporation said Wednesday that net sales for the third quarter of fiscal 2002 increased 12 percent to $8.44 billion from $7.56 billion last year. On a comparable warehouse basis, that is warehouses open at least a year, net sales increased 6 percent.

    Net income for the third quarter of fiscal 2002 increased 24 percent to $130.4 million, or $.28 per share (diluted), from $105.3 million, or $.23 per share (diluted), during the third quarter of fiscal 2001.

    The company also said net sales for the first 36 weeks of fiscal 2002 increased 12 percent to $25.94 billion from $23.22 billion last year. Comparable warehouse sales during the first 36 weeks of fiscal 2002 increased 6 percent over the prior year's level.

    Net income for the first 36 weeks of fiscal 2002 increased 10 percent to $452.6 million, or $.96 per diluted share, compared to net income for the first 36 weeks of fiscal 2001 of $411.4 million, or $.88 per diluted share.

    Costco currently operates 389 warehouses, including 285 in the United States, 60 in Canada, 14 in the United Kingdom, five in Korea, three in Taiwan, two in Japan and 20 in Mexico. The company also operates Costco Online, an e-commerce web site, at www.costco.com.

    Costco said it plans to open seven additional new warehouses (including the relocation of two warehouses) prior to the end of its 2002 fiscal year on Sept. 1, 2002, and an additional 16 to 18 new warehouses (including one relocation) prior to the end of calendar year 2002.

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