Costco Q2 Net Falls 8.7 Percent
March 3, 2016,
ISSAQUAH, Wash.-Costco posted second quarter net income of $546 million, down 8.7 percent from the second quarter of last year, which included a one-time tax benefit of $57 million related to a special cash dividend received by the retailer’s 401(k) participants.
Net sales in the quarter, which ended on Feb. 14, edged up 2.6 percent to $27.6 billion, and included increases in same-club sales of 1 percent including gasoline sales, and 4 percent when gas is factored out. Gross margin rose 17 basis points to 11.2 percent. Selling, general and administrative expenses increased by 6.1 percent in dollars and 34 basis points as a percentage of sales, to 10.3 percent.
Costco currently operates 698 warehouse clubs, including 488 in the United States and Puerto Rico, 90 in Canada, 36 in Mexico, 27 in the United Kingdom, 24 in Japan, 12 in Korea, 11 in Taiwan, eight in Australia and two in Spain. Costco also operates e-commerce web sites here and in Canada, the United Kingdom, Mexico, Korea and Taiwan.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money