Costco sales hike in Q2
Costco shared its operating results for the second quarter and the first 24 weeks of fiscal 2024, ended Feb. 18, 2024.
The Issaquah, Wash.-based retailer's net sales for the quarter increased 5.7%, to $57.33 billion, from $54.24 billion last year. Net sales for the first 24 weeks increased 5.9%, to $114.05 billion, from $107.68 billion last year.
Net sales for the company were negatively impacted by approximately one and one-half percent for the quarter and by approximately one-half percent for the first 24 weeks of fiscal 2024 from the shift of the fiscal calendar, as a result of the fifty-third week last year, the company noted.
Costco's net income for the quarter was $1.7 billion, $3.92 per diluted share, compared to $1.5 billion, $3.30 per diluted share, last year. This year's second quarter net income was positively impacted by a $94 million (21 cents per diluted share) tax benefit due to the deductibility of the $15 per share special dividend to the extent received by 401(k) plan participants. Net income for the first 24 weeks was $3.33 billion, $7.49 per diluted share, compared to $2.83 billion, $6.37 per diluted share, last year.
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For the four-week reporting month of February, ended March 3, 2024, Costco reported net sales of $18.21 billion, an increase of 6.9 % from $17.04 billion last year. Net sales for the first 26 weeks were $123.15 billion, an increase of 6.1% from $116.06 billion last year.
Costco currently operates 875 warehouses, including 603 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, six 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 United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.
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