ISSAQUAH, Wash. -- Costco Wholesale Corp. here last week said it is not sure how rolling blackouts in California, energy costs elsewhere and fluctuations in gas prices nationwide will affect business this summer.
the third quarter and 36 weeks ended May 13.
Sales rose 12% to $7.6 billion for the 12-week quarter and 10% to $23.2 billion for the 36-week period, while net income fell 12% to $105.3 million for the quarter and 5% to $411.4 million for the year to date. Comparable warehouse sales rose 5% for the quarter and 4% for the 36 weeks.
Galanti said comparable sales of food and sundries rose 6% for the quarter.
The company said the earnings decline, which had been anticipated, was due to soft sales through most of the quarter -- before a surge late in the period -- due to the economic slowdown, combined with pressures from increases in energy costs, including gasoline prices.
He said Costco anticipates energy cost increases will impact fourth-quarter earnings by 1 to 1.5 cents per share and approximately 5 cents per share for the year with conservation measures in place.