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Costco posts 5.7% net sales gain in second quarter

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Costco posts 5.7% net sales gain in second quarter

ISSAQUAH, Wash. — Costco Wholesale Corp. posted net sales of $57.33 billion for the second quarter of its 2024 fiscal year, an increase of 5.7% from the $54.24 billion posted in the same quarter last year. Net sales for the first 24 weeks increased 5.9%, to $114.05 billion, from $107.68 billion last year.

The company noted that its net sales 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, resulting from the fifty-third week last year.

Comparable sales in the quarter increased 4.3% in the U.S. and 5.6% for the company as a whole, and for its e-commerce operations Costco reported a comparable sales gain of 18.4%.

Net income for the quarter was $1,743 million, $3.92 per diluted share, compared to $1,466 million, $3.30 per diluted share, last year. This year’s second-quarter net income was positively impacted by a $94 million ($0.21 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.

For the four-week reporting month of February, which ended March 3, the company reported net sales of $18.21 billion, an increase of 6.9 percent 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.


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