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Costco Comparable warehouse sales up

10 Oct '07

3 min read

Costco Wholesale Corporation announced its operating results for the 16 weeks (fourth quarter) and the 52 weeks (fiscal year) ended September 2, 2007, and its September sales results.

Net sales for the 16-week fourth quarter ended September 2, 2007, increased 3%, to $20.09 billion from $19.50 billion during the 17-week fourth quarter ended September 3, 2006. Comparable warehouse sales during the 16-week fourth quarter of fiscal 2007 increased 5% over the comparable 16-week period in the prior fiscal year.

Net sales for fiscal 2007, the 52 weeks ended September 2, 2007, were $63.09 billion, an increase of 7% from $58.96 billion during the prior 53-week fiscal year ended September 3, 2006. Comparable warehouse sales increased 6% over the comparable 52-week period of the prior year.

Net income for the 16-week fourth quarter was $372.4 million, or $.83 per diluted share, compared to $355.6 million, or $.75 per diluted share, during the 17-week fourth quarter of fiscal 2006. Earnings per diluted share in the fourth quarter of fiscal 2007 represent an 11% increase over the fiscal 2006 fourth quarter results.

The fiscal year 2007 fourth quarter results were negatively affected by a non-recurring, non-cash pre-tax charge of $56.2 million ($35.8 million, or $.08 per share, after-tax) to increase the Company's deferred membership revenue liability (and reduce membership fee revenue). Excluding this charge, fourth quarter net income would have been $408.2 million, or $.91 per share, representing a 21% increase over last year's fourth quarter earnings.

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