Sign In  |  Register  |  About Sunnyvale  |  Contact Us

Sunnyvale, CA
September 01, 2020 10:10am
7-Day Forecast | Traffic
  • Search Hotels in Sunnyvale

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Costco Wholesale Corporation Reports Second Quarter And Year-To-Date Operating Results For Fiscal 2023 And February Sales Results

ISSAQUAH, Wash., March 02, 2023 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2023, ended February 12, 2023.

Net sales for the quarter increased 6.5 percent, to $54.24 billion, from $50.94 billion last year. Net sales for the first 24 weeks increased 7.3 percent, to $107.68 billion, from $100.35 billion last year.

Comparable sales for the second quarter and first 24 weeks of fiscal 2023 were as follows:

  12 Weeks 12 Weeks 24 Weeks 24 Weeks 
    Adjusted*   Adjusted* 
 U.S.5.7% 5.8% 7.5% 6.2% 
 Canada3.5% 9.6% 2.9% 8.9% 
 Other International3.8% 9.5% 0.4% 9.3% 
          
 Total Company5.2% 6.8% 5.9% 7.0% 
          
 E-commerce-9.6% -8.7% -6.8% -5.5% 

*Excluding the impacts from changes in gasoline prices and foreign exchange.

Net income for the quarter was $1,466 million, $3.30 per diluted share. Last year’s second quarter net income was $1,299 million, $2.92 per diluted share. Net income for the first 24 weeks was $2.83 billion, or $6.37 per diluted share, compared to $2.62 billion, $5.90 per diluted share, last year.

For the four-week reporting month of February, ended February 26, 2023, the Company reported net sales of $17.06 billion, an increase of 4.7 percent from $16.29 billion last year. Lunar New Year/Chinese New Year occurred on January 22, 10 days earlier this year. The shift positively impacted February’s Other International and Total Company sales by approximately 2% and 0.25%, respectively. For the twenty-six week period ended February 26, 2023, net sales were $116.06 billion, an increase of 7.1 percent from $108.39 billion last year.

Comparable sales for the February and year-to-date periods ended February 26, 2023, were as follows:

  4 Weeks 4 Weeks 26 Weeks 26 Weeks 
    Adjusted*   Adjusted* 
 U.S.3.4% 3.5% 7.1% 6.0% 
 Canada1.2% 7.3% 2.7% 8.8% 
 Other International6.5% 11.5% 0.7% 9.4% 
          
 Total Company3.5% 5.0% 5.6% 6.8% 
          
 E-commerce-11.2% -10.3% -7.0% -5.7% 

*Excluding the impacts from changes in gasoline prices and foreign exchange.

Costco currently operates 848 warehouses, including 584 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 18 in Korea, 14 in Taiwan, 14 in Australia, four in Spain, two each in France and China, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, March 2, 2023, and is available via a webcast on investor.costco.com (click on “Events & Presentations”).

Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs), energy and certain commodities, geopolitical conditions (including tariffs and the Ukraine conflict), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to climate change, public-health related factors, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law.

CONTACTS:Costco Wholesale Corporation
 Richard Galanti, 425/313-8203
 David Sherwood, 425/313-8239
 Josh Dahmen, 425/313-8254

COST-Earn
COST-Sales

COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
(unaudited)

 12 Weeks Ended 24 Weeks Ended
 February 12,
2023
 February 13,
2022
 February 12,
2023
 February 13,
2022
REVENUE       
Net sales$54,239  $50,937  $107,676  $100,354 
Membership fees 1,027   967   2,027   1,913 
Total revenue 55,266   51,904   109,703   102,267 
OPERATING EXPENSES       
Merchandise costs 48,423   45,517   96,192   89,469 
Selling, general and administrative 4,940   4,575   9,857   9,293 
Operating income 1,903   1,812   3,654   3,505 
OTHER INCOME (EXPENSE)       
Interest expense (34)  (36)  (68)  (75)
Interest income and other, net 114   25   167   67 
INCOME BEFORE INCOME TAXES 1,983   1,801   3,753   3,497 
Provision for income taxes 517   481   923   832 
Net income including noncontrolling interests 1,466   1,320   2,830   2,665 
Net income attributable to noncontrolling interests    (21)     (42)
NET INCOME ATTRIBUTABLE TO COSTCO$1,466  $1,299  $2,830  $2,623 
        
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:       
Basic$3.30  $2.93  $6.37  $5.91 
Diluted$3.30  $2.92  $6.37  $5.90 
        
Shares used in calculation (000s):       
Basic 443,877   443,623   443,857   443,500 
Diluted 444,475   444,916   444,503   444,760 
        
        
        

COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share data)
(unaudited)

Subject to Reclassification

   February 12, 2023 August 28, 2022
ASSETS   
CURRENT ASSETS   
Cash and cash equivalents$12,970  $10,203 
Short-term investments 735   846 
Receivables, net 2,714   2,241 
Merchandise inventories 16,081   17,907 
Other current assets 1,830   1,499 
Total current assets 34,330   32,696 
OTHER ASSETS   
Property and equipment, net 25,724   24,646 
Operating lease right-of-use assets 2,859   2,774 
Other long-term assets 3,935   4,050 
TOTAL ASSETS$66,848  $64,166 
LIABILITIES AND EQUITY   
CURRENT LIABILITIES   
Accounts payable$16,407  $17,848 
Accrued salaries and benefits 4,483   4,381 
Accrued member rewards 2,016   1,911 
Deferred membership fees 2,412   2,174 
Current portion of long-term debt 76   73 
Other current liabilities 7,122   5,611 
Total current liabilities 32,516   31,998 
OTHER LIABILITIES   
Long-term debt, excluding current portion 6,506   6,484 
Long-term operating lease liabilities 2,557   2,482 
Other long-term liabilities 2,470   2,555 
TOTAL LIABILITIES 44,049   43,519 
COMMITMENTS AND CONTINGENCIES   
EQUITY   
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding     
Common stock $0.005 par value; 900,000,000 shares authorized; 443,550,000 and 442,664,000 shares issued and outstanding 2   2 
Additional paid-in capital 7,123   6,884 
Accumulated other comprehensive loss (1,672)  (1,829)
Retained earnings 17,341   15,585 
Total Costco stockholders’ equity 22,794   20,642 
Noncontrolling interests 5   5 
TOTAL EQUITY         22,799   20,647 
TOTAL LIABILITIES AND EQUITY        $66,848  $64,166 

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Sunnyvale.com & California Media Partners, LLC. All rights reserved.