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Costco Wholesale Corporation Reports April Sales Results
For the first thirty-six weeks of its reporting period ended May 6, 2007, the Company reported net sales of $43.05 billion, an increase of 9 percent from $39.47 billion during the similar 36-week period of the prior year. The fiscal 2007 year-to-date net sales results include the $224 million adjustment to the sales returns reserve previously reported in the fiscal 2007 second quarter results. Excluding the sales returns reserve adjustment, net sales for the 36-week year-to-date period were $43.27 billion, representing a 10% increase over the prior year.
Comparable sales for the 4-week retail-reporting month of April and the 36-week retail-reporting period of September through April are as follows:
4 Weeks 36 Weeks ---------- ---------- US 6% 5% International 10% 8% Total Company 7% 5% ========== ==========
This year's four-week period included 28 days of sales compared to 27 days last year, reflecting the timing of Easter. This calendar shift impacted this year's sales positively by approximately two percent.
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 5557250). This recorded message will be available today through 5:00 p.m. (PT) on Friday, May 11, 2007.
The Company plans to release its third quarter fiscal year 2007 operating results, for the twelve weeks ended May 13, 2007, on Thursday, May 31, 2007. A conference call to discuss these third quarter results is scheduled for 8:00 a.m. (PT) on May 31 and will be available via a webcast on www.costco.com (click on Investor Relations and "Webcasts").
Costco currently operates 510 warehouses, including 376 in the United States and Puerto Rico, 71 in Canada, 19 in the United Kingdom, five in Korea, four in Taiwan, five 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 eight to nine 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