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    Costco's Second-quarter Net Income Increases 13 Percent

    ISSAQUAH, Wash - Costco Wholesale Corporation today announced operating results for the second quarter (12 weeks) and first half (24 weeks) of fiscal 2002, both ended Feb. 17, 2002.

    ISSAQUAH, Wash - Costco Wholesale Corporation today announced operating results for the second quarter (12 weeks) and first half (24 weeks) of fiscal 2002, both ended Feb. 17, 2002.

    Net sales for the second quarter of fiscal 2002 increased 13 percent to $9.21 billion from $8.16 billion during the second quarter of fiscal 2001. Net income for the second quarter of fiscal 2002 increased 9 percent to $192.6 million, or $.41 per diluted share, compared to $176.6 million, or $.38 per diluted share, during the second quarter of fiscal 2001.

    Net sales for the first half of fiscal 2002 increased 12 percent to $17.51 billion from $15.66 billion during the first half of fiscal 2001. Net income for the first half of fiscal 2002 increased 5 percent to $322.2 million, or $.68 per diluted share, compared to net income for the first half of fiscal 2001 of $306.1 million, or $.65 per diluted share.

    Costco currently operates 386 warehouses, including 285 in the United States, 60 in Canada, 11 in the United Kingdom, five in Korea, three in Taiwan, two in Japan and 20 in Mexico. The company also operates Costco Online, an electronic commerce web site, at www.costco.com. The company said it plans to open 14 to 16 additional new warehouses (including the relocation of three to four warehouses to larger and better-located facilities) prior to the end of its fiscal year ending September 1, 2002.

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