Costco Posts 3rd Quarter Increases

May 30, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on May 2006 Costco Wholesale Corp. has reported an 11 percent increase in third quarter sales of $13 billion for period ended May 7, compared to $11.75 billion during the same period last year.

Net income for the quarter increased to $235.6 million from $209.8 million for the same quarter last year.

Net sales for the first 36 weeks of fiscal 2006 increased 11 percent to $39.45 billion, from $35.50 billion during the first t36 weeks of fiscal 2005. Net income for the first thirty-six weeks of fiscal 2006 increased to $747.6 million compared to net income for the first thirty-six weeks of fiscal 2005 of $708.4 million.

Net income for the first three months of 2005 was impacted by a one-time $52.1 million income tax benefit and a cumulative pre-tax, non-cash charge of $16.0 million concerning accounting for leases. Without these adjustments net income for the first thirty-six weeks of fiscal 2005 would have been $666.3 million.

Same store sales for May were $4.71 billion, a 15 percent increase from $4.11 billion in the same four-week period of the previous year. Same store sales for the 39 weeks of fiscal 2006, which includes the first three weeks of Costco’s fiscal fourth quarter, were $43.01 billion, a 12 percent increase from $38.54 billion during the same period in fiscal 2005.