Food Leads Comp Sales in Costco 4Q
Oct 9, 2008 6:00 AM, By ELLIOT ZWIEBACH
ISSAQUAH, Wash. — Costco here said yesterday that food was one of the bright spots during its fourth quarter, which ended Aug. 31, with positive comparable-store sales numbers, compared with comps that were flat to -10% in most nonfood categories, including furniture, jewelry, electronics, housewares and domestics. Net income for the 16-week quarter rose 6.8% to $397.8 million, while sales climbed 12.6% to $22.6 billion and U.S. comps rose 9%. For the year, net income increased 18.5% to $1.3 billion, with sales up 12.5% to $71 billion and U.S. comps rising 6%. Richard Galanti, executive vice president and chief financial officer, said comps for food and sundries ranged from the high single digits to the mid-teens — despite a drop of 11% in tobacco sales, which is part of sundries; while fresh foods, including meat, saw increases in the high singles and bakery and deli in the mid-double-digit range.
Read More of Today's Headlines
Subscribe / Renew to Supermarket News
The most reliable source of industry news and insight...in print and online.
- Subscribe Today and gain instant access to the online SN Archive
- Renew
- Sign up for email newsletter
advertisement
Most Viewed News
A panel of professionals answers your questions on a variety of topics.
Retail Analytics
Brian Ross
In This Week's Viewpoints
David Orgel:
Why Ethnic Retailing Surges Despite Tough Times
Mark Hamstra:
Economy Creates Opportunity for Store Brands











