Japan only -99 somebody was making some $$$
geee some people like to xaggerate... -lol
and look at Pakistan...+ 32 a bastion of Bulls amongst
all those depressed bears.
oh look the futures are up a bit (+ 10.00) oops make that
+8.50. seems like the e-wavers might be right [for once] -g
i am going to bed now... got to go check out the slaves
tomorrow -ggg but i may manage a few hours of waste in
front of the screen, maybe even get the courage to chort
some stuff if the drunks start buyin'
ciao Jorj.
[or is it jory... hmmm gets confusing... -g]
p.s. fut now +9.5
___________________________
Costco Wholesale Corporation Releases Fourth Quarter and
Fiscal Year 2002 Results of Operations and September Sales
Results
BUSINESS WIRE - October 10, 2002 04:00
ISSAQUAH, Wash., Oct 10, 2002 (BUSINESS WIRE) -- Costco
Wholesale Corporation (Nasdaq: COST) announced today its
results of operations for the 16 weeks (fourth quarter)
and the 52 weeks (fiscal year) ended September 1, 2002.
Net sales for fiscal 2002, the 52 weeks ended September 1,
2002, were $37.99 billion, an increase of 11% from $34.14
billion during the prior 52-week fiscal year ended
September 2, 2001. Comparable warehouse sales increased 6%
over the comparable 52-week period of fiscal 2001. Net
sales for the 16-week fourth quarter ended September 1,
2002, increased 10% to $12.05 billion from $10.91 billion
during the 16-week fourth quarter ended September 2, 2001.
Comparable warehouse sales during the 16-week fourth
quarter of fiscal 2002 increased 6% over the comparable 16-
week period in the prior fiscal year.
Net income for the 16-week fourth quarter increased 30% to
$247.4 million, or $.52 per diluted share, from $190.7
million, or $.41 per diluted share, during the 16-week
fourth quarter of fiscal 2001. Net income for fiscal 2002
increased 16% to $700.0 million, or $1.48 per diluted
share, from $602.1 million, or $1.29 per diluted share
during fiscal year 2001. The fiscal 2002 net income
reflects an effective income tax rate of 35.55% for the
fourth quarter and 38.50% for the fiscal year, compared
with an effective tax rate of 40.00% for the 2001 fourth
quarter and fiscal year.
In addition to reporting fourth quarter and fiscal year
2002 operating results, the Company today also reported net
sales of $3.59 billion for the five weeks ended October 6,
2002, an increase of 10% from $3.26 billion in the same
five-week period of the prior fiscal year. On a comparable
warehouse basis, that is warehouses open at least a year,
sales increased 5% during this five-week period.
Comparable sales for the 5-week September sales period
ended October 6, 2002 were as follows:
5 Weeks --------------- US 4% International 9% Total
Company 5% ===============
A conference call to discuss these fiscal 2002 fourth
quarter and year-end results, as well as the September
sales results, is scheduled for 8:00 a.m. (PDT) today,
October 10, 2002, and is available via a webcast on
www.costco.com (go to Customer Service, Investor Relations,
Financial Releases and click on the "Live Webcast" icon).
Costco currently operates 401 warehouses, including 295 in
the United States, 60 in Canada, 15 in the United Kingdom,
five in Korea, three in Taiwan, three in Japan and 20 in
Mexico. The Company also operates Costco Online, an
electronic commerce web site, at www.costco.com. The
Company plans to open an additional 12 to 14 warehouses
(including the relocation of one existing warehouse to a
larger and better-located facility) prior to the end of the
calendar year.
COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF
INCOME (dollars in thousands, except per share data)
(unaudited) 16 Weeks 16 Weeks 52 Weeks 52 Weeks Ended Ended
Ended Ended September 1, September 2, September 1,
September 2, 2002 2001 2002 2001 ------------ ------------
-
----------- ------------ REVENUE
Net sales........ $12,050,797 $10,914,568 $37,993,093 $34,137,021
Membership fees and other....... 245,550 219,987 769,406
660,016 ------------ ------------ ------------ -----------
Total revenue.. 12,296,347 11,134,555 38,762,499 34,797,037 OPERATING EXPENSES
Merchandise costs 10,753,443 9,782,902 33,983,121 30,598,140
Selling, general and administrative.. 1,142,796 1,000,663 3,575,536 3,129,059
Preopening expenses........ 14,430 16,568 51,257 59,571
Provision for impaired assets and closing costs...........
5,000 16,000 21,050 18,000 ------------ ------------ -------
----- ------------ Operating income........ 380,678 318,422
1,131,535 992,267 OTHER INCOME (EXPENSE)
Interest expense. (8,016) (7,135) (29,096) (32,024)
Interest income and other....... 11,218 6,603 35,745
43,238 ------------ ------------ ------------ ------------
INCOME BEFORE
INCOME TAXES..... 383,880 317,890 1,138,184 1,003,481
Provision for income taxes.... 136,479 127,156 438,201
401,392 ------------ ------------ ------------ ------------
NET INCOME $247,401 $190,734 $699,983 $602,089 ============
============ ============ ============ NET INCOME PER
COMMON AND
COMMON EQUIVALENT SHARE:
Basic............ $0.54 $0.42 $1.54 $1.34 ============
============ ============ ============
Diluted.......... $0.52 $0.41 $1.48 $1.29 ============
============ ============ ============ Shares used in
calculation (000's)
Basic............ 455,008 451,310 453,650 449,631
Diluted.......... 479,240 477,875 479,262 475,827
CONTACT: Costco Wholesale Corporation Richard Galanti,
425/313-8203 or Bob Nelson, 425/313-8255
URL: businesswire.com
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KEYWORD: WASHINGTON
INDUSTRY KEYWORD: SUPERMARKETS
RETAIL
EARNINGS
SOURCE:
Costco |
