Costco reports Q2 sales, profit gains
ISSAQUAH, Wash. — Sales at club-based mass merchandiser Costco increased by 11% to $20.45 billion during the second quarter of fiscal year 2011, according to an earnings report Wednesday. For the first half of fiscal 2011, net sales increased to nearly $39.3 billion, from about $35.3 billion last year.
The figures include sales from Costco’s 50% owned joint venture in Mexico, and sales in that country accounted for about three percentage points of the quarterly and year-to-date sales.
Profits for the quarter were up 16.3% to $348 million, compared with $299 million in second quarter 2010, while profits for the year to date were $660 million, up 16.8% from the first half of fiscal 2010.