As previously reported, included in last year's second quarter results were three non-recurring items. Excluding these items, which combined to an $84.4 million pre-tax charge ($53.4 million after-tax), second quarter fiscal 2007 net income would have been $302.9 million, or $.66 per diluted share.
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. Excluding the three non-recurring items, outlined above, net income for the first half of fiscal 2007 would have been $539.5 million or $1.16 per diluted share.
The Company also reported net sales of $5.11 billion for the four weeks ended March 2, 2008, an increase of 11% from $4.59 billion in the same four-week period of the prior fiscal year.
For the six-month retail reporting period of September through February, the twenty-six weeks ended March 2, 2008, which includes the first two weeks of theCompany's fiscal third quarter, the Company reported net sales of $34.77 billion, an increase of 12% from $31.03 billion during the comparable period of the prior fiscal year.
Comparable sales for the 4-week retail-reporting month of February and the 26-week retail-reporting period of September through February are as follows:
• 4 Weeks:
US: 5%
International: 18%
Total Company: 7%
• 26 Weeks:
US: 5%
International: 17%
Total Company: 8%
The U.S. comparable sales figure includes, among other things, the effect of gasoline price inflation, with the average sales price per gallon of gasoline up 25% for the four-week month of February, as compared to the year-earlier February.
Excluding gasoline price inflation, U.S. comparable sales would have been up 3%. In addition, foreign exchange rates, primarily in Canada, positively impacted international comparable sales results. On a local currency basis, international comparable sales increased 6% in February.
Costco Wholesale Corporation
marketing@alchempro.com
