Retailer operator Costco Wholesale Corporation has reported an increase in net sales for both the second quarter and the first half of fiscal 2011, according to a company press release.
Sales rose 11 per cent to US$20.5bn for the second quarter ended 13 February 2011, up from US$18.4bn during the same period last year, with sales for the first half also increasing by 11 per cent to US$39.3bn compared with US$35.3bn in 2010.
This year’s results include sales from the company’s 50 per cent-owned Mexico joint venture, which it began consolidating on a prospective basis beginning with the 2011 fiscal year.
Mexico sales accounted for approximately 3 per cent of the increase for both the quarter and the year-to-date sales.
In the US, comparable sales rose by 5 per cent for both the second quarter and the first half of fiscal 2011, while international sales grew by 12 per cent in the 12 weeks to 13 February and by 13 per cent during the 24-week period.
Net income for the quarter reached US$348m against US$299m last year, although last year’s second quarter also included a US$22m pre-tax charge after a change in employee benefits.
Costco said the consolidation of the Mexico joint venture had no impact on its net income or earnings per share.
The retailer also reported net sales of US$6.38bn for the four weeks ended 27 February 2011, an increase of 14 per cent from US$5.61bn recorded in the same four-week period of the previous fiscal year.
Costco currently operates 581 warehouses, including 424 in the US and Puerto Rico, 80 in Canada, 22 in the UK, seven in Korea, six in Taiwan, nine in Japan, one in Australia and 32 in Mexico.
The group said it plans to open a further 15-16 warehouses before the end of its 2011 fiscal year on 28 August 2011.
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