Costco August Sales up 17%, Sinegal to Step Down

August 31, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on September 1, 2011

Costco Wholesale Corp. (NASDAQ: COST) reported net sales of $6.9 billion for the month of August, increase of 17 percent from the same month last year.

This year's four-week period included sales from the company's Mexico joint venture; otherwise the increase would have been 14 percent.

Net sales for the fiscal 2011 fourth quarter, the 16 weeks ended August 28, 2011, were $27.6 billion, an increase of 17 percent from $23.6 billion in the 16-week fourth quarter of fiscal 2010 ended August 29, 2010; excluding Mexico sales, the increase would have been 14 percent.

Net sales for the 52-week fiscal year 2011 were $87.0 billion, an increase of 14 percent from $76.3 billion in the 52-week fiscal year 2010 ended August 29, 2010; excluding Mexico sales, the increase would have been 11 percent.

Costco plans to release its operating results for the fourth quarter and the fiscal year ended August 28, 2011, on Oct. 5.

Costco also announced Thursday that CEO and co-founder Jim Sinegal will step down on Jan. 1. His replacement will be President and COO Craig Jelinek. Sinegal will remain on Costco's board, and will stay at the company through 2013 to assist in the transition.