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  
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