Costco Reports U.S. Comps Rose 6 Percent Ex-Fuel in November

For the first fiscal quarter (12 weeks) of its 2013 fiscal year (from Sept. 3 through Nov. 25, 2012), the company reported net sales of $23.21 billion, an increase of 10 percent from $21.18 billion in the first fiscal quarter of 2012.

Comparable sales for the four-week and twelve-week periods ended Nov. 25, 2012, were as follows:

 

	4 Weeks		12 Weeks
U.S.	6%		7%
International	7%		9%
Total Company	6%		7%

Inflation in gasoline prices, as well as stronger foreign currencies, had a positive impact on comparable sales for both periods. Excluding these effects, comparable sales were as follows:

 

	4 Weeks		12 Weeks
U.S.	6%		6%
International	5%		7%
Total Company	5%		6%

The company also announced that its board of directors has declared a special cash dividend on Costco common stock of $7.00 per share, payable Dec. 18, 2012, to shareholders of record as of the close of business on Dec. 10, 2012. The aggregate amount of payment to be made in connection with this special dividend will be approximately $3.0 billion.

The special dividend is in addition to the company's regular quarterly cash dividend of $.275 per share that was declared on Oct. 30, 2012. The regular quarterly dividend will be paid Nov. 30, 2012, to shareholders of record at the close of business on Nov. 16, 2012.

“Today's announcement of a $7.00 special dividend, to be paid before the end of the calendar year, is our latest effort in returning capital to our shareholders while maintaining our conservative capital structure,” said Richard Galanti, executive vice president and CFO. “Our strong balance sheet and favorable access to the credit markets allow us to provide shareholders with this dividend, while also preserving financial and operational flexibility to grow our business globally; allowing for ongoing dividend and share repurchase activities; and enhancing the value of the Costco membership to the more than 67 million Costco cardholders throughout the world.”