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Costco Wholesale Corporation Reports July Sales Results
For the first forty-nine weeks of its reporting period ended August 5, 2007, the Company reported net sales of $59.33 billion, an increase of 9 percent from $54.41 billion during the similar 49-week period of the prior year. The fiscal 2007 year-to-date net sales results include the $452 million adjustment to the sales returns reserve previously reported in the fiscal 2007 second and third quarter results. Excluding the adjustment, net sales for the 49-week year-to-date period were $59.78 billion, representing a 10 percent increase over the prior year.
Comparable sales for the four-week retail-reporting month of July and the 49-week retail-reporting period of September through July are as follows:
4 Weeks 49 Weeks -------- -------- US 6% 5% International 10% 8% Total Company 7% 6% ======== ========
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 1116028). This recorded message will be available today through 5:00 p.m. (PT) on Friday, August 10, 2007.
Costco currently operates 513 warehouses, including 378 in the United States and Puerto Rico, 71 in Canada, 19 in the United Kingdom, five in Korea, four in Taiwan, six 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 five new warehouses prior to the end of its 52-week 2007 fiscal year on September 2, 2007.
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 those 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