Costco's net income eases in quarter
May 31, 2007
by FoodBusinessNews.net Staff
ISSAQUAH, WASH. — For the third quarter ended May 13, Costco Wholesale Corp. had net income of $223,986,000, equal to 50c per share on the common stock, down 5% from net income of $235,595,000, or 50c per share, during the same quarter of the previous year.
Net sales were $14,341,520,000 during the quarter, a 10% increase compared with $13,007,415,000 during the same quarter of 2006. Sales in the quarter fell $228.2 million, resulting from an increase in sales returns reserve balance.
For the nine months ended May 13, net income was $710,350,000, down 5% from $747,616,000 during the same period of the previous year. Net sales during the nine months were $42,998,537,000, a 9% increase compared with $39,467,453,000 during the same period of the previous year.