Costco Fiscal 2002 Results
Oct 10, 2002
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Global retailer Costco Wholesale Corporation, based in Issaquah, WA, U.S., today announced results for the fourth quarter and fiscal year ended September 1, 2002.

Net sales for fiscal 2002 were U.S. $37.99 billion, an increase of 11 percent from $34.14 billion during the prior 52-week fiscal year ended September 2, 2001. Comparable warehouse sales increased 6 percent over the comparable 52-week period of fiscal 2001.

Net sales for the 16-week fourth quarter ended September 1, 2002, increased 10 percent 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 percent over the comparable 16-week period in the prior fiscal year.

Net income for the 16-week fourth quarter increased 30 percent 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 percent 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 percent for the fourth quarter and 38.50 percent for the fiscal year, compared with an effective tax rate of 40.00 percent for the 2001 fourth quarter and fiscal year.

Costco's 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.

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