Issaquah, WA, March 2, 2006--Costco Wholesale reported earnings in the second quarter that were off 3 percent versus the year-ago period which saw a hefty one-time gain.
Net income declined to $296.2 million, or $0.62 per share, from $305.5 million, or $0.62 per share, a year ago. Last year's results included a one-time income tax gain of $52.1 million. Excluding the gain, the company would have earned $263.4 million, or $0.54 per share in the year earlier period.
Revenue expanded 11 percent to $14.05 billion from $12.66 billion last year. Same-store sales, or sales at stores open at least one year, rose 7 percent companywide during the 12 week period, and grew 8 percent in February. Year-to-date, same-store-sales are up 8 percent.
Analysts expected earning of $0.60 cents per share on revenue of $13.79 billion.
The company, which operates more than 470 warehouses worldwide, also noted that it plans to open an additional 18 to 20 new locations before the end of its 2006 fiscal year.
