Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq:
COST) today announced its operating results for the 16-week fourth
quarter and the 52-week fiscal year ended September 1, 2024.
For the 16-week fourth quarter, the Company
reported net sales of $78.2 billion, an increase of 1.0 percent
compared to net sales of $77.4 billion in the 17-week fourth
quarter of fiscal year 2023. For the 52-week fiscal year, the
Company reported net sales of $249.6 billion, an increase of 5.0
percent from $237.7 billion reported in the 53-week fiscal year
2023.
The following comparable sales data reflect
comparable locations year-over-year and comparable retail
weeks.
Comparable sales were as follows:
|
16 Weeks |
|
16 Weeks |
|
52 Weeks |
|
52 Weeks |
|
|
|
Adjusted* |
|
|
|
Adjusted* |
U.S. |
5.3% |
|
6.3% |
|
4.5% |
|
5.0% |
Canada |
5.5% |
|
7.9% |
|
7.0% |
|
8.1% |
Other
International |
5.7% |
|
9.3% |
|
8.1% |
|
8.4% |
|
|
|
|
|
|
|
|
Total
Company |
5.4% |
|
6.9% |
|
5.3% |
|
5.9% |
|
|
|
|
|
|
|
|
E-commerce |
18.9% |
|
19.5% |
|
16.1% |
|
16.2% |
*Excluding the impacts from changes in gasoline
prices and foreign exchange.
Net income for the 16-week fourth quarter was
$2.354 billion, $5.29 per diluted share, compared to $2.160
billion, $4.86 per diluted share, in the 17-week fourth quarter
last year. This year’s results included a net non-recurring tax
benefit of $63 million, $0.14 per diluted share, related to a
transfer pricing settlement, and true-ups of tax reserves.
Net income for the 52-week fiscal year was
$7.367 billion, $16.56 per diluted share, compared to $6.292
billion, $14.16 per diluted share, in the 53-week prior year.
Costco currently operates 891 warehouses,
including 614 in the United States and Puerto Rico, 108 in Canada,
40 in Mexico, 35 in Japan, 29 in the United Kingdom, 19 in Korea,
15 in Australia, 14 in Taiwan, seven in China, five in Spain, two
in France, and one each in Iceland, New Zealand and Sweden. Costco
also operates e-commerce sites in the U.S., Canada, the U.K.,
Mexico, Korea, Taiwan, Japan and Australia.
A conference call to discuss these results is
scheduled for 2:00 p.m. (PT) today, September 26, 2024, and will be
available via a webcast on investor.costco.com (click “Events &
Presentations”).
Certain statements contained in this document
and the pre-recorded message 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 and wages), energy and
certain commodities, geopolitical conditions (including tariffs),
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.
Comparable sales and comparable sales excluding impacts from
changes in gasoline prices and foreign exchange are intended as
supplemental information and are not a substitute for net sales
presented in accordance with U.S. GAAP.
CONTACTS: |
Costco
Wholesale Corporation |
|
David Sherwood, 425/313-8239 |
|
Josh Dahmen, 425/313-8254 |
|
Andrew Yoon, 425/313-6305 |
|
|
COST-Earn
COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
(unaudited)
|
16 Weeks Ended |
|
17 Weeks Ended |
|
52 Weeks Ended |
|
53 Weeks Ended |
|
September 1, 2024 |
|
September 3, 2023 |
|
September 1, 2024 |
|
September 3, 2023 |
REVENUE |
|
|
|
|
|
|
|
Net sales |
$ |
78,185 |
|
|
$ |
77,430 |
|
|
$ |
249,625 |
|
|
$ |
237,710 |
|
Membership fees |
|
1,512 |
|
|
|
1,509 |
|
|
|
4,828 |
|
|
|
4,580 |
|
Total revenue |
|
79,697 |
|
|
|
78,939 |
|
|
|
254,453 |
|
|
|
242,290 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
Merchandise costs |
|
69,588 |
|
|
|
69,219 |
|
|
|
222,358 |
|
|
|
212,586 |
|
Selling, general and administrative |
|
7,067 |
|
|
|
6,939 |
|
|
|
22,810 |
|
|
|
21,590 |
|
Operating income |
|
3,042 |
|
|
|
2,781 |
|
|
|
9,285 |
|
|
|
8,114 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
Interest expense |
|
(49 |
) |
|
|
(56 |
) |
|
|
(169 |
) |
|
|
(160 |
) |
Interest income and other, net |
|
120 |
|
|
|
238 |
|
|
|
624 |
|
|
|
533 |
|
INCOME BEFORE INCOME TAXES |
|
3,113 |
|
|
|
2,963 |
|
|
|
9,740 |
|
|
|
8,487 |
|
Provision for income taxes |
|
759 |
|
|
|
803 |
|
|
|
2,373 |
|
|
|
2,195 |
|
NET
INCOME |
$ |
2,354 |
|
|
$ |
2,160 |
|
|
$ |
7,367 |
|
|
$ |
6,292 |
|
|
|
|
|
|
|
|
|
NET
INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
Basic |
$ |
5.30 |
|
|
$ |
4.87 |
|
|
$ |
16.59 |
|
|
$ |
14.18 |
|
Diluted |
$ |
5.29 |
|
|
$ |
4.86 |
|
|
$ |
16.56 |
|
|
$ |
14.16 |
|
|
|
|
|
|
|
|
|
Shares used
in calculation (000’s): |
|
|
|
|
|
|
|
Basic |
|
444,013 |
|
|
|
443,876 |
|
|
|
443,914 |
|
|
|
443,854 |
|
Diluted |
|
444,977 |
|
|
|
444,445 |
|
|
|
444,759 |
|
|
|
444,452 |
|
|
|
|
|
|
|
|
|
COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share
data) (unaudited)
Subject to Reclassification
|
|
|
September 1, 2024 |
|
September 3, 2023 |
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash and cash
equivalents |
$ |
9,906 |
|
|
$ |
13,700 |
|
Short-term
investments |
|
1,238 |
|
|
|
1,534 |
|
Receivables,
net |
|
2,721 |
|
|
|
2,285 |
|
Merchandise
inventories |
|
18,647 |
|
|
|
16,651 |
|
Other current
assets |
|
1,734 |
|
|
|
1,709 |
|
Total current
assets |
|
34,246 |
|
|
|
35,879 |
|
OTHER ASSETS |
|
|
|
Property and equipment,
net |
|
29,032 |
|
|
|
26,684 |
|
Operating lease right-of-use
assets |
|
2,617 |
|
|
|
2,713 |
|
Other long-term
assets |
|
3,936 |
|
|
|
3,718 |
|
TOTAL
ASSETS |
$ |
69,831 |
|
|
$ |
68,994 |
|
LIABILITIES
AND EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Accounts
payable |
$ |
19,421 |
|
|
$ |
17,483 |
|
Accrued salaries and
benefits |
|
4,794 |
|
|
|
4,278 |
|
Accrued member
rewards |
|
2,435 |
|
|
|
2,150 |
|
Deferred membership
fees |
|
2,501 |
|
|
|
2,337 |
|
Current portion of long-term
debt |
|
103 |
|
|
|
1,081 |
|
Other current
liabilities |
|
6,210 |
|
|
|
6,254 |
|
Total current
liabilities |
|
35,464 |
|
|
|
33,583 |
|
OTHER LIABILITIES |
|
|
|
Long-term debt, excluding current
portion |
|
5,794 |
|
|
|
5,377 |
|
Long-term operating lease
liabilities |
|
2,375 |
|
|
|
2,426 |
|
Other long-term
liabilities |
|
2,576 |
|
|
|
2,550 |
|
TOTAL
LIABILITIES |
|
46,209 |
|
|
|
43,936 |
|
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;
443,126,000 and 442,793,000 shares issued and
outstanding |
|
2 |
|
|
|
2 |
|
Additional paid-in
capital |
|
7,829 |
|
|
|
7,340 |
|
Accumulated other comprehensive
loss |
|
(1,828 |
) |
|
|
(1,805 |
) |
Retained
earnings |
|
17,619 |
|
|
|
19,521 |
|
TOTAL
EQUITY |
|
23,622 |
|
|
|
25,058 |
|
TOTAL LIABILITIES AND
EQUITY |
$ |
69,831 |
|
|
$ |
68,994 |
|
|
|
|
|
|
|
|
|
COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in millions) (unaudited)
Subject to Reclassification
|
52 Weeks Ended |
|
53 Weeks Ended |
|
September 1, 2024 |
|
September 3, 2023 |
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net income |
$ |
7,367 |
|
|
$ |
6,292 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
2,237 |
|
|
|
2,077 |
|
Non-cash lease expense |
|
315 |
|
|
|
412 |
|
Stock-based compensation |
|
818 |
|
|
|
774 |
|
Impairment of assets and other non-cash operating activities,
net |
|
(9 |
) |
|
|
495 |
|
Changes in working capital |
|
611 |
|
|
|
1,018 |
|
Net cash provided by operating activities |
|
11,339 |
|
|
|
11,068 |
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Purchases of short-term investments |
|
(1,470 |
) |
|
|
(1,622 |
) |
Maturities and sales of short-term investments |
|
1,790 |
|
|
|
937 |
|
Additions to property and equipment |
|
(4,710 |
) |
|
|
(4,323 |
) |
Other investing activities, net |
|
(19 |
) |
|
|
36 |
|
Net cash used in investing activities |
|
(4,409 |
) |
|
|
(4,972 |
) |
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Repayments of short-term borrowings |
|
(920 |
) |
|
|
(935 |
) |
Proceeds from short-term borrowings |
|
928 |
|
|
|
917 |
|
Repayments of long-term debt |
|
(1,077 |
) |
|
|
(75 |
) |
Proceeds from issuance of long-term debt |
|
498 |
|
|
|
— |
|
Tax withholdings on stock-based awards |
|
(315 |
) |
|
|
(303 |
) |
Repurchases of common stock |
|
(700 |
) |
|
|
(676 |
) |
Cash dividend payments |
|
(9,041 |
) |
|
|
(1,251 |
) |
Financing lease payments |
|
(136 |
) |
|
|
(291 |
) |
Other financing activities, net |
|
(1 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(10,764 |
) |
|
|
(2,614 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS |
|
40 |
|
|
|
15 |
|
Net change in cash and cash equivalents |
|
(3,794 |
) |
|
|
3,497 |
|
CASH
AND CASH EQUIVALENTS BEGINNING OF YEAR |
|
13,700 |
|
|
|
10,203 |
|
CASH
AND CASH EQUIVALENTS END OF YEAR |
$ |
9,906 |
|
|
$ |
13,700 |
|
Costco Wholesale (NASDAQ:COST)
過去 株価チャート
から 11 2024 まで 12 2024
Costco Wholesale (NASDAQ:COST)
過去 株価チャート
から 12 2023 まで 12 2024