Costco Wholesale Corporation reported net sales of $5.22 billion for the five weeks ended July 3, 2005, an increase of 12% from $4.65 billion in the same five-week period of the prior fiscal year. This year's five-week period included 34 days of sales compared to 33 days for the comparable five-week period last year, reflecting the timing of the Fourth of July Holiday. This calendar shift positively impacted reported net sales and comparable sales by approximately 2-3 percent.
For the first 44 weeks of its 2005 fiscal year ended July 3, 2005, the Company reported net sales of $43.76 billion, an increase of 10% from $39.80 billion during the similar 44-week period of the prior fiscal year.
Comparable sales for the 5-week and 44-week periods ended July 3, 2005, were as follows:
5 Weeks 44 Weeks
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US 8% 6%
International 14% 11%
Total Company 9% 7%
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Reported net sales were reduced by the implementation of Emerging Issues Task Force Issue No. 03-10 (“EITF 03-10”), “Application of Issue No. 02-16 by Resellers to Sales Incentives Offered to Consumers by Manufacturers,” which was effective at the beginning of the Company's fiscal 2004 third quarter, February 16, 2004. Sales for the 5-week reporting periods are on a comparable after-coupon basis; however, had sales for the 44-week year-to-date period last year been reported under EITF 03-10, the total Company reported net sales increase and the total Company comparable sales increase would have been 10% and 8%, respectively.
