Costco, BJ’s Report Solid Sales Growth

 

The nation’s two leading warehouse clubs reported quarterly and yearly sales growth respectively as the economic recession continued to drive shoppers to stores of the two chains.

Net sales for the second quarter of fiscal 2010 at Costco increased 11% to $18.36 billion, from $16.49 billion during the second quarter of fiscal 2009. Net sales for the first half of fiscal 2010 increased 8%, to $35.28 billion, from $32.52 billion during the first half of fiscal 2009. Total company comparable store sales were up 9% for the 12-week period and 6% for the 24-week period.

Net income for the second quarter of fiscal 2010 was $299 million compared to $239 million reported during the second quarter of fiscal 2009. Net income for the first half of fiscal 2010 was $565 million compared to net income for the first half of fiscal 2009 of $502.

Full year total sales at BJ’s Wholesale Club were $9.95 billion, up 1.6% from sales of $9.8 billion the previous year. Net income for the year was a $132.1 million. Merchandise only comparable store sales increased 4%.

For the fourth quarter, total net sales were $2.7 billion, up 9.4% from sales of $2.5 billion in the comparable quarter the previous year. Merchandise comparable store sales were up 2.3%.