Costco Q2 sales up 12 percent

ISSAQUAH, Wash. Costco Wholesale today announced that net sales for the second quarter of fiscal 2008 increased 12% to $16.62 billion, from $14.8 billion during the second quarter of fiscal 2007. Net sales for the first half of fiscal 2008 increased 12% to $32.09 billion, from $28.66 billion during the first half of fiscal 2007.

For the second quarter, Costco's total comps were up 7%. For the first half of 2008, compas were up 7%. The U.S. comparable sales figure includes, among other things, the effect of recent gasoline price inflation, with the average sales price per gallon of gasoline up 29% year-over-year for the quarter. Excluding this, U.S. comparable sales in the second quarter would have been 3% (instead of the 5% reported).

Net income for the second quarter of fiscal 2008 was $327.9 million, or 74 cents per diluted share, compared to $249.5 million, or 54 cents per diluted share, during the second quarter of fiscal 2007. Net income for the first half of fiscal 2008 was $589.8 million, or $1.33 per diluted share, compared to net income for the first half of fiscal 2007 of $486.4 million, or $1.05 per diluted share.