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Costco Wholesale Corporation Reports January Sales Results
ISSAQUAH, WA, Feb 07, 2008 (MARKET WIRE via COMTEX News Network) -- Costco Wholesale Corporation ("Costco") (NASDAQ: COST) today reported net sales of $5.11 billion for the month of January, the four weeks ended February 3, 2008, an increase of 11 percent from $4.62 billion in the same four-week period last year.
For the first twenty-two weeks of its reporting period ended February 3, 2008, the Company reported net sales of $29.64 billion, an increase of 11 percent from $26.65 billion during the similar twenty-two-week period last year.
Comparable sales for the four-week and twenty-two-week periods ended February 3, 2008, were as follows:
4 Weeks 22 Weeks --------- ---------- US 5% 5% International 19% 17% Total Company 7% 8% ========= ==========
The U.S. comparable sales figure includes, among other things, the effect of gasoline price inflation, with the average sales price per gallon of gasoline up 31% for the four-week month of January, as compared to the year-earlier January. Excluding gasoline price inflation, U.S. comparable sales would have been up 3%. In addition, foreign exchange rates, primarily in Canada, positively impacted international comparable sales results. On a local currency basis, international comparable sales increased 9% in January.
The Company plans to release its second quarter fiscal year 2008 operating results, for the twelve weeks ended February 17, 2008, on Wednesday, March 5th. A conference call to discuss these second quarter results is scheduled for 8:00 a.m.(PT) on March 5th and will be available via a webcast on www.costco.com (click on Investor Relations and "Webcasts").
Costco currently operates 531 warehouses, including 389 in the United States and Puerto Rico, 75 in Canada, 19 in the United Kingdom, six in Korea, five in Taiwan, seven in Japan and 30 in Mexico. The Company also operates Costco Online, an electronic commerce web site, at www.costco.com and at www.costco.ca in Canada. The Company plans to open an additional 19 to 21 new warehouses (including the relocation of four to five warehouses to larger and better-located facilities) prior to the end of its 2008 fiscal year on August 31, 2008.
Additional discussion of these sales results is available on a pre-recorded telephone message. You can access the recording by dialing 1-800-642-1687 (conference ID 33724539). This recorded message will be available today through 5:00 p.m. (PT) on Friday, February 8, 2008.
Certain statements contained in this document and the pre-recorded telephone message constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions including exchange rates, the effects of competition and regulation, consumer and small business spending patterns and debt levels, conditions affecting the acquisition, development, ownership or use of real estate, actions of vendors, rising costs associated with employees (including health care and workers' compensation costs), rising costs associated with the acquisition of merchandise (including the direct and indirect effects of the rising cost of petroleum-based products and fuel and energy costs), geopolitical conditions and other risks identified from time to time in the Company's public statements and reports filed with the Securities and Exchange Commission.
Costco Wholesale Corporation
Richard Galanti, 425/313-8203
Bob Nelson, 425/313-8255
Jeff Elliott, 425/313-8264