Costco reaps solid Q3

ISSAQUAH, Wash. — A $62 million tax benefit in the second quarter, alongside a portion of a special cash dividend Costco received in December 2012, helped bolster the company's net income for the first 36 weeks of fiscal 2013, ended May 12.

Costco's net income for the quarter was $459 million, compared to $386 million for the same period last year. The company reported net sales of $24 billion for the third quarter, an 8% increase from $22 billion for the same period last year. Net sales for the first 36 weeks were $71 billion, likewise up 8% from $66 billion last year.

Costco currently operates 627 warehouses, including 449 in the United States and Puerto Rico, 85 in Canada, 33 in Mexico, 24 in the United Kingdom, 15 in Japan, 9 in Taiwan, 9 in Korea and 3 in Australia.

The company plans to open up to an additional nine new warehouses prior to the end of its fiscal year on September 1. Costco also operates e-commerce websites in the U.S., U.K. and Canada.