Costco numbers strong in second quarter.(company earnings)
Home Textiles Today, March, 2005 by Hogsett, Don
ISSAQUAH, WASH. -- Helped by a $52.1 million tax break, and a strong 6 percent boost in same-store sales, second fiscal quarter profits at cjumped 34.7 percent, to $305.5 million from $226.8 million. And profits would have climbed even higher but for a $16 million one-time charge stemming from the way it accounts for leases.
Costco, like most other big U.S. retailers, was hit with such a non-cash accounting charge this year in response to a recent Securities and Exchange Commission clarification. Driving the strong gain at the bottom line was a $52.1 million tax break, covering an eight-year period, resulting from a settlement of a transfer pricing dispute between the United States and Canada. In another boost to profits, average gross...
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