Costco Reports Net Sales Increases for Q2 2011

Costco has posted a net sales increase of 11% for the 3-month period ending February 13, 2011.  Final sales numbers reached USD 20.45 billion.  Other second quarter results for the company included:

–  A five percent increase in comparable sales in the US and a 12% increase internationally – giving a total (comps) sale increase of seven percent.

–  Without including the financial effects of gasoline inflation and stronger foreign currencies, comps for Costco posted an increase of three percent domestically and eight percent internationally, tallying an overall total increase of four percent.

–  Net income increased to USD 348 million; a significant financial jump of 16.4%.

–  Mexico sales contributed to a three percent total Q2 increase for Costco.  The company has a 50% owned joint business venture with the Latin American country that commenced on a prospective basis during the company’s 2011 fiscal year.

As of early March of this year, Costco operated a total of 581 stores (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, 32 in Mexico).  Costco is planning to open either 15 or 16 new locations by the end of the fiscal year.  These warehouses will include one relocation and one re-opening.