Costco profit rises 19% in Q3, on track to open stores this year
Issaquah, Wash. — Costco Wholesale Corp. reported Thursday that net income for the quarter ended May 6 surged 19% to $386 million, from $324 million in the same period last year.
Revenue rose 8% to $22.3 billion from $20.6 billion, beating Wall Street’s expected $22.1 billion in revenue. Same-store sales increased 5%.
The company said it plans to open six additional warehouse clubs before the end of fiscal 2012.
Student mural honors Sam Walton’s legacy
The Walmart Visitor Center, Downtown Bentonville, and Bentonville public schools, today, will unveil the Wal-Art Student Mural on the Bentonville Square.
The mural is the result of a project begun April 20 when 8, 415 first through sixth grade students from Bentonville public schools placed their personal art piece at the TAC (Bentonville High School Athletic Complex). Participating students were asked to illustrate one of three words – Excellence, Service and Respect – to honor the beliefs of Walmart founder Sam Walton. Each students’ picture has been scanned and formed into a mural that will be on the side of the new T.H. Benton’s Coffee/Deli Restaurant/Café located on 102 E. Central Ave, Bentonville, Ark.
The mural will be unveiled at 6:30p.m. on Friday, May 25th; it will be 8’ high and 175’ wide. It will be low enough on the wall for students to be able to walk along the sidewalk to find their individual piece.
Click here to watch a video of the students placing their artwork.
Costco sales, income up in Q3
ISSAQUAH, Wash. — Costco reported net sales of $21.85 billion for the third quarter, an 8% increase over sales of $20.19 billion for the same period last year. Comparable-club sales for the quarter increased 5%, which consisted of a 5% increase in the United States and a 5% increase internationally. Excluding the impact of fuel, total comps were still up 5%, however U.S. comps were 4% and international comps were 8% when adjusted for gasoline inflation.
Net income for the quarter was $386 million, or 88 cents per diluted share, compared with $324 million, or 73 cents per diluted share, last year.
Costco currently operates 602 warehouses, including 435 in the United States and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the United Kingdom, 13 in Japan, eight in Taiwan, seven in Korea and three in Australia.