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Costco net sales for H1 2008 up by 12% to $32.09 bn
05
Mar '08
Costco Wholesale Corporation announced its operating results for the second quarter (12 weeks) and first half (24 weeks) of fiscal 2008, both ended February 17, 2008, and its February sales results.

Net sales for the second quarter of fiscal 2008 increased 12% to $16.62 billion, from $14.80 billion during the second quarter of fiscal 2007. As previously reported, prior year second-quarter sales results were negatively impacted by an increase in our sales returns reserve of $224.4 million. Excluding the sales returns reserve increase, net sales for the second quarter of fiscal 2007 were $15.03 billion.

Net sales for the first half of fiscal 2008 increased 12% to $32.09 billion, from $28.66 billion during the first half of fiscal 2007. Excluding the sales return reserve adjustment, net sales for the first half of fiscal 2007 would have been $28.88 billion.

Comparable sales for the fiscal second quarter (12 weeks) and fiscal first half (24 weeks) of fiscal 2008, both ended February 17, 2008, were as follows:

• 12 Weeks:
US: 5%
International: 17%
Total Company: 7%

• 24 Weeks:
US: 5%
International: 17%
Total Company: 7%

The U.S. comparable sales figure includes, among other things, the effect of recent gasoline price inflation, with the average sales price per gallon of gasoline up 29% year-over-year for the quarter. Excluding this, U.S. comparable sales in the second quarter would have been 3%.

In addition, significantly stronger foreign exchange rates, primarily in Canada, positively impacted the second quarter's international comparable sales results. On a local currency basis, international comparable sales increased 6% in the second quarter.

Net income for the second quarter of fiscal 2008 was $327.9 million, or $.74 per diluted share, compared to $249.5 million, or $.54 per diluted share, during the second quarter of fiscal 2007.


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