ISSAQUAH, Wash.–Although Costco posted sales and income gains for the third quarter ended May 11, home furnishings “was down the most,” Richard Galanti, chief financial officer, said during a conference call.
While categories such as patio furniture were weak, small electrics pulled in mid-to-high single-digit increases, Galanti said.
Costco’s sales increased 13 percent, to $16.26 billion.
Comparable-store sales rose 8 percent, “benefiting from high gasoline price inflation and from the continuing weak U.S. dollar” at its Canadian stores, Galanti said.
Comp gains also reflect an average transaction increase and shopping frequency increase, he said.
Net income soared 32 percent to $295.1 million from the year-ago quarter. Net income in 2007 included a $48.1 million pretax charge.
The retailer opened five new stores in the quarter: three in the United States, one in Japan and one in Mexico.