Costco releases Q4 results of operations

12 Oct '06

2 min read

Costco Wholesale Corporation announced its results of operations for the 17 weeks (fourth quarter) and the 53 weeks (fiscal year) ended September 3, 2006, and reported on a review of the Company's historical stock option practices.

Net sales for the 17-week fourth quarter ended September 3, 2006 increased 19 percent, to $19.50 billion from $16.37 billion during the 16-week fourth quarter ended August 28, 2005.

Comparable warehouse sales during the 17-week fourth quarter of fiscal 2006 increased 8 percent over the comparable 17-week period in the prior fiscal year.

Net sales for fiscal 2006, the 53 weeks ended September 3, 2006, were $58.96 billion, an increase of 14 percent from $51.88 billion during the prior 52-week fiscal year ended August 28, 2005.

Comparable warehouse sales increased 8 percent over the comparable 53-week period of the prior year.

Net income for the 17-week fourth quarter was $355.6 million, or $.75 per diluted share, compared to $354.7 million, or $.73 per diluted share, during the 16-week fourth quarter of fiscal 2005.

As previously disclosed, the fiscal year 2005 fourth quarter results included several non-recurring items that in the aggregate positively impacted reported earnings by approximately $.07 per share.

Exclusive of these items, the Company estimated its "normalized" fourth quarter 2005 earnings per diluted share figure was $.66. Earnings per diluted share in the fourth quarter of fiscal 2006 represent a 14 percent increase over that figure.

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