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May 31, 2002

USA: Costco Wholesale Corp posts Q3 sales up 12%

Issaquah, Wash.-based Costco Wholesale Corp has announced its operating results for the Q3 and the first 36 weeks of FY 2002, ended 12 May 2002. Net sales for the Q3 2002 increased 12% to US$8.44bn from US$7.56bn during the third quarter of fiscal 2001. On a comparable warehouse basis, that is warehouses open at least a year, net sales increased 6%.

Issaquah, Wash.-based Costco Wholesale Corp has announced its operating results for the Q3 and the first 36 weeks of FY 2002, ended 12 May 2002.

Net sales for the Q3 2002 increased 12% to US$8.44bn from US$7.56bn during the third quarter of fiscal 2001. On a comparable warehouse basis, that is warehouses open at least a year, net sales increased 6%.

Net income for the third quarter of fiscal 2002 increased 24% to US$130.4m, or US$0.28 per share (diluted), from US$105.3m, or US$0.23 per share (diluted), during the Q3 2001.

Net sales for the first 36 weeks of FY 2002 increased 12% to US$25.94bn from US$23.22bn during the first 36 weeks of FY 2001. Comparable warehouse sales during the first 36 weeks of fiscal 2002 increased 6% over the prior year’s level.

Net income for the first 36 weeks of 2002 increased 10% to US$452.6m, or US$0.96 per diluted share, compared to net income for the first 36 weeks of fiscal 2001 of US$411.4m, or US$0.88 per diluted share.

Costco currently operates 389 warehouses, including 285 in the US, 60 in Canada, 14 in the UK, five in Korea, three in Taiwan, two in Japan and 20 in Mexico.

The company said that it plans to open seven additional new warehouses (including the relocation of two warehouses to larger and better-located facilities) prior to the end of its FY 2002 on 1 September 2002, and an additional 16 to 18 new warehouses (including one relocation of an existing warehouse to a larger and better-located facility) prior to the end of calendar year 2002.

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