• Costco Wholesale Corporation Reports First Quarter Fiscal Year 2024 Operating Results And Announces A Special Cash Dividend Of $15 Per Share

    ソース: Nasdaq GlobeNewswire / 14 12 2023 16:15:00   America/New_York

    ISSAQUAH, Wash., Dec. 14, 2023 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the first quarter (twelve weeks) of fiscal 2024, ended November 26, 2023.

    For the first quarter the Company reported net sales of $56.72 billion, an increase of 6.1 percent from $53.44 billion for the first quarter of fiscal year 2023, ended November 20, 2022.

    Net sales were benefited by approximately one-half to one percent in the U.S. and worldwide from the shift of the fiscal calendar, as a result of the fifty-third week in fiscal year 2023.

    The following comparable sales reflect comparable locations year-over-year and comparable retail weeks.

    Comparable sales for the twelve weeks ended November 26, 2023 were as follows:

      12 Weeks 12 Weeks 
        Adjusted*
     
     U.S.2.0%  2.6%  
     Canada6.4%  8.2%  
     Other International11.2%  7.1%  
           
     Total Company3.8%  3.9%  
           
     E-commerce6.3%  6.1%  

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

    Net income for the quarter was $1,589 million, $3.58 per diluted share, compared to $1,364 million, $3.07 per diluted share, last year. This year’s results included a tax benefit of $44 million, $0.10 per diluted share, related to stock-based compensation. Last year’s results included a charge of $93 million pre-tax, $0.15 per diluted share, primarily related to downsizing our charter shipping activities, and a tax benefit of $53 million, $0.12 per diluted share, related to stock-based compensation.

    The Company also announced that the Board of Directors has declared a special cash dividend on Costco common stock of $15 per share, payable January 12, 2024, to shareholders of record as of the close of business on December 28, 2023. The aggregate amount of the payment will be approximately $6.7 billion.

    Costco currently operates 871 warehouses, including 600 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, five in China, four 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, December 14, 2023, and will be available via a webcast on investor.costco.com (click “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. 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 GAAP.

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

    COST-Earn

    COST-Comp

     CONDENSED CONSOLIDATED STATEMENTS OF INCOME
     (dollars in millions, except per share data)
    (unaudited)
     
       
      12 Weeks Ended
     
      November 26, 2023
     November 20, 2022
     
     REVENUE        
     Net sales$56,717  $53,437  
     Membership fees 1,082   1,000  
     Total revenue 57,799   54,437  
     OPERATING EXPENSES   
     Merchandise costs 50,457   47,769  
     Selling, general and administrative 5,358   4,917  
     Operating income 1,984   1,751  
     OTHER INCOME (EXPENSE)        
     Interest expense (38)  (34) 
     Interest income and other, net 160   53  
     INCOME BEFORE INCOME TAXES 2,106   1,770  
     Provision for income taxes 517   406  
     NET INCOME$1,589  $1,364  
              
     NET INCOME PER COMMON SHARE:        
     Basic$3.58  $3.07  
     Diluted$3.58  $3.07  
              
     Shares used in calculation (000s):        
     Basic 443,827   443,837  
     Diluted 444,403   444,531  


     COSTCO WHOLESALE CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (amounts in millions, except par value and share data)
    (unaudited)
     
       
     Subject to Reclassification    
      November 26, 2023
     September 3, 2023
     
     ASSETS        
     CURRENT ASSETS        
     Cash and cash equivalents$17,011  $13,700  
     Short-term investments 853   1,534  
     Receivables, net 2,542   2,285  
     Merchandise inventories 18,001   16,651  
     Other current assets 1,673   1,709  
     Total current assets 40,080   35,879  
     OTHER ASSETS   
     Property and equipment, net 27,168   26,684  
     Operating lease right-of-use assets 2,672   2,713  
     Other long-term assets 3,803   3,718  
     TOTAL ASSETS$73,723  $68,994  
     LIABILITIES AND EQUITY        
     CURRENT LIABILITIES        
     Accounts payable$20,357  $17,483  
     Accrued salaries and benefits 4,474   4,278  
     Accrued member rewards 2,207   2,150  
     Deferred membership fees 2,462   2,337  
     Current portion of long-term debt 1,080   1,081  
     Other current liabilities 6,188   6,254  
     Total current liabilities 36,768   33,583  
     OTHER LIABILITIES        
     Long-term debt, excluding current portion 5,866   5,377  
     Long-term operating lease liabilities 2,401   2,426  
     Other long-term liabilities 2,541   2,550  
     TOTAL LIABILITIES 47,576   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; 443,787,000 and 442,793,000 shares issued and outstanding 2   2  
     Additional paid-in capital 7,489   7,340  
     Accumulated other comprehensive loss (1,843)  (1,805) 
     Retained earnings 20,499   19,521  
     TOTAL EQUITY 26,147   25,058  
     TOTAL LIABILITIES AND EQUITY$73,723  $68,994  



     COSTCO WHOLESALE CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (amounts in millions)
    (unaudited)
     
       
     Subject to Reclassification  
      12 Weeks Ended
     
      November 26, 2023
     November 20, 2022
     
     CASH FLOWS FROM OPERATING ACTIVITIES        
     Net income$1,589  $1,364  
     Adjustments to reconcile net income to net cash provided by operating activities:        
     Depreciation and amortization 501   447  
     Non-cash lease expense 74   111  
     Stock-based compensation 444   402  
     Impairment of assets and other non-cash operating activities, net 43   121  
     Changes in working capital 2,000   165  
     Net cash provided by operating activities 4,651   2,610  
     CASH FLOWS FROM INVESTING ACTIVITIES        
     Purchases of short-term investments (200)  (253) 
     Maturities and sales of short-term investments 878   274  
     Additions to property and equipment (1,040)  (1,057) 
     Other investing activities, net (4)  (21) 
     Net cash used in investing activities (366)  (1,057) 
     CASH FLOWS FROM FINANCING ACTIVITIES        
     Repayments of short-term borrowings (173)  (77) 
     Proceeds from short-term borrowings 144   29  
     Proceeds from issuance of long-term debt 498     
     Tax withholdings on stock-based awards (292)  (301) 
     Repurchases of common stock (162)  (141) 
     Cash dividend payments (905)  (400) 
     Financing lease payments (82)  (60) 
     Other financing activities, net (2)  87  
     Net cash used in financing activities (974)  (863) 
     EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS    (37) 
     Net change in cash and cash equivalents 3,311   653  
     CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 13,700   10,203  
     CASH AND CASH EQUIVALENTS END OF YEAR$17,011  $10,856  

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