USA: Costco Wholesale Corp reports Q2 and year-to-date operating results for fiscal 2002
Costco Wholesale Corporation announced earlier today [Tuesday] its operating results for the Q2 (12 weeks) and H1 (24 weeks) of fiscal 2002, both ended 17 February 2002.
Net sales for Q2 of fiscal 2002 increased 13% to US$9.21bn from US$8.16bn during the second quarter of fiscal 2001. Net income for the quarter increased 9% to US$192.6m, or US$.41 per diluted share, compared to US$176.6m, or US$.38 per diluted share, year on year.
Net sales for the first half of fiscal 2002 increased 12% to US$17.51bn from US$15.66bn during H1 of fiscal 2001. Net income for the half increased 5% to US$322.2m, or US$.68 per diluted share, compared to net income for the first half of fiscal 2001 of US$306.1m, or US$.65 per diluted share.
In addition to reporting second quarter fiscal year 2002 operating results, Costco reported net sales of US$2.77bn for the four-week retail reporting month of February, the four weeks ended 3 March 2002, an increase of 13% from US$2.45bn in the same four-week period of the prior fiscal year.
For the six-month retail reporting period of September through February, the twenty-six weeks ended 3 March 2002, which includes the first two weeks of the company's fiscal Q3, Costco reported net sales of US$18.90bn, an increase of 12% from US$16.90bn during the comparable period of the prior fiscal year.
Comparable sales for the fiscal second quarter (12 weeks) and fiscal first half (24 weeks) of fiscal 2002, both ended 17 February 2002, are as follows:
12 Weeks 24 Weeks
US 8% 7%
International 2% 0%
Total Company 7% 6%
Comparable sales for the 4-week retail reporting month of February and the 26-week retail reporting period of September through February are as follows:
4 Weeks 26 Weeks
US 8% 7%
International 3% 0%
Total Company 8% 6%
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 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 1 September 2002.
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