Printer Friendly

COSTCO WHOLESALE ANNOUNCES RECORD OPERATING RESULTS FOR SECOND QUARTER, FIRST HALF OF FISCAL 1992

 COSTCO WHOLESALE ANNOUNCES RECORD OPERATING RESULTS
 FOR SECOND QUARTER, FIRST HALF OF FISCAL 1992
 KIRKLAND, Wash., March 26 /PRNewswire/ -- Costco Wholesale Corp. (NASDAQ-NMS: COST) today reported record sales and earnings for the second quarter (12 weeks) and first half (24 weeks) of fiscal 1992, both ended Feb. 16, 1992.
 Net sales for the second quarter of fiscal 1992 increased 26 percent to $1.54 billion, from $1.23 billion during the second quarter of fiscal 1991. Comparable warehouse sales increased 14 percent over the prior year's second quarter.
 Net income during the second quarter of fiscal 1992 increased 53 percent to $33.3 million, or 27 cents per share, from $21.8 million, or 20 cents per share, during the second quarter of fiscal 1991. All per-share amounts reflect the three-for-two stock split (50 percent stock dividend) which became effective March 6, 1992.
 For the first half of fiscal 1992, net sales increased 27 percent to $2.94 billion, from $2.33 billion during the first half of fiscal 1991. Comparable warehouse sales during this period increased 15 percent over the prior year's first half.
 Net income for the first half of fiscal 1992 increased 51 percent to $53.8 million, or 44 cents per share, from $35.5 million, or 33 cents per share, during last year's first half.
 During the first five weeks of the third quarter of fiscal 1992, comparable sales have increased at a 12-percent annual rate.
 Costco ended its 1991 fiscal year last Sept. 1, 1991, with 71 cash-and-carry membership warehouses in operation in 10 states and Western Canada. Eleven new warehouses were opened during the first half of fiscal 1992 -- in Avon, Mass.; Chico and Temecula, Calif.; Saskatoon, Saskachewan, Canada; Medford, Ore.; Bellingham and Tumwater, Wash.; Henderson, Nev.; Brookfield, Conn.; and Missoula and Billings, Mont. -- bringing to 82 the number of warehouses operating at the end of the second quarter. Since that time, three additional warehouses have been opened -- in Novato, Calif.; Nashua, N.H.; and Salem, Ore. Expansion plans for the remainder of fiscal 1992 include the opening of five additional warehouse locations.
 The company's common stock trades on the NASDAQ National Market System under the ticker symbol "COST."
 COSTCO WHOLESALE CORP.


SECOND QUARTER AND FIRST HALF OF FISCAL 1992 OPERATING RESULTS

(Unaudited, in thousands, except earnings per share calculation)
 12 Weeks 24 Weeks
 Ended: 2/16/92 2/17/91 2/16/92 2/17/91
 Net sales $1,542,629 $1,225,625 $2,944,814 $2,326,774
 Membership and other 30,270 22,751 57,955 42,594
 Total revenue 1,572,899 1,248,376 3,002,769 2,369,368
 Merchandise costs 1,391,617 1,110,571 2,669,091 2,113,877
 Gross profit 181,282 137,805 333,678 255,491
 Selling, general and
 administrative expenses 124,333 99,076 238,781 188,884
 Preopening expenses 1,443 373 6,563 3,740
 Operating income 55,506 38,356 88,334 62,867
 Other income (expense):
 Interest expense (465) (1,987) (618) (3,986)
 Interest income 1,157 640 3,046 1,504
 Other 275 (49) 422 (105)
 Income before income
 taxes 56,473 36,960 91,184 60,280
 Provision for income
 taxes 23,165 15,168 37,425 24,742
 Net income $ 33,308 $ 21,792 $ 53,759 $ 35,538
 Net income per common and
 common equivalent share (A):
 Primary $ 0.27 $ 0.20 $ 0.44 $ 0.33
 Fully diluted $ 0.27 $ 0.20 $ 0.44 $ 0.32
 Number of shares used in
 E.P.S. Calculation (000) (A):
 Primary 122,516 109,452 122,167 109,065
 Fully diluted 122,612 109,734 122,460 109,789
 NOTE A: Reflects three-for-two stock split (50 percent stock dividend) effective March 6, 1992.
 -0- 3/26/92
 /CONTACT: Richard Galanti of Costco Wholesale, 206-828-8100, ext. 203/
 (COST) CO: Costco Wholesale Corp. ST: Washington IN: REA SU: ERN


SC-JH -- SE003 -- 1781 03/26/92 08:04 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 26, 1992
Words:663
Previous Article:COSTCO WHOLESALE ANNOUNCES RECORD OPERATING RESULTS FOR SECOND QUARTER, FIRST HALF OF FISCAL 1992
Next Article:QUIDEL AND BECTON DICKINSON CROSS LICENSE TECHNOLOGY
Topics:


Related Articles
COSTCO WHOLESALE CORP. ANNOUNCES FIRST-QUARTER OPERATING RESULTS
COSTCO WHOLESALE ANNOUNCES RECORD OPERATING RESULTS FOR SECOND QUARTER, FIRST HALF OF FISCAL 1992
COSTCO WHOLESALE ANNOUNCES THIRD-QUARTER, YEAR-TO-DATE THIRD-QUARTER OPERATING RESULTS FOR FISCAL 1992
COSTCO WHOLESALE ANNOUNCES FISCAL 1992 RESULTS
COSTCO WHOLESALE CORP. ANNOUNCES FIRST-QUARTER OPERATING RESULTS
COSTCO WHOLESALE REPORTS SALES
COSTCO REPORTS SALES
COSTCO REPORTS MONTHLY SALES
COSTCO WHOLESALE ANNOUNCES OPERATING RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF FISCAL 1993
/Following is a repeat of a release moved yesterday a.m./

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters