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ISSAQUAH, Wash. — Costco Wholesale Corp. reported net sales of $57.39 billion for its fiscal third quarter, up 9.1% over the prior year quarter. Net sales for the 36-week year-to-date period increased 7%, to $171.44 billion.
The warehouse club operator also posted same-store sales and earnings for the fiscal third quarter ended May 12 that beat Wall Street forecasts.
U.S. comparable sales were up 6.2% (or 6% adjusted for gas inflation and foreign exchanage rates). Comparable sales in Canada were up 7.7% (7.4% adjusted), other international comparable sales were up up 7.7% (8.5% adjusted) and the total company posted comp sales of 6.6% (6.5% adjusted). E-commerce comp sales were up 20.7%, both on a reported basis and adjusted for foreign exchange.
In terms of Q3 comp sales metrics, traffic or shopping frequency increased 6.1% worldwide and 5.5% in the U.S. Costco’s average transaction or ticket was up 0.5% worldwide and up 0.7% in the U.S.
Net income for the quarter was $1.68 billion, $3.78 per diluted share. Last year’s third quarter net income was $1.30 billion, $2.93 per diluted share, which included a non-recurring charge to merchandise costs of $298 million pretax, $0.50 per diluted share, primarily for the discontinuation of our charter shipping activities. Net income for the first 36 weeks was $5.01 billion, $11.27 per diluted share, compared to $4.13 billion, $9.30 per diluted share, last year.
Costco currently operates 878 warehouse clubs, including 605 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, seven in China, four in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.
