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Costco Wholesale Corporation Reports Third Quarter and Year-to-Date Operating Results for Fiscal 2022

·6-min read

ISSAQUAH, Wash., May 26, 2022 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the third quarter (twelve weeks) and the first 36 weeks of fiscal 2022, ended May 8, 2022.

Net sales for the quarter increased 16.3 percent, to $51.61 billion, from $44.38 billion last year. Net sales for the first 36 weeks increased 16.4 percent, to $151.97 billion, from $130.61 billion last year.

Comparable sales for the third quarter fiscal 2022 were as follows:

 

 

 

 

 

 

 

 

 

12 Weeks

 

12 Weeks

 

36 Weeks

 

36 Weeks

 

 

 

Adjusted*

 

 

 

Adjusted*

U.S.

16.6%

 

10.7%

 

15.8%

 

10.7%

Canada

15.2%

 

12.8%

 

16.1%

 

11.2%

Other International

5.7%

 

9.1%

 

8.3%

 

9.6%

 

 

 

 

 

 

 

 

Total Company

14.9%

 

10.8%

 

14.8%

 

10.6%

 

 

 

 

 

 

 

 

E-commerce

7.4%

 

7.9%

 

11.4%

 

11.3%

 

 

 

 

 

 

 

 

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

Net income for the quarter was $1,353 million, $3.04 per diluted share, which included a one-time $77 million pretax charge, $0.13 per diluted share, for incremental benefits awarded under the new employee agreement effective March 14. Last year’s third quarter net income was $1,220 million, $2.75 per diluted share, which included $57 million pretax, $0.09 per diluted share, in COVID-19 related costs, primarily from $2 per hour premium pay. Net income for the first 36 weeks of fiscal 2022 was $3.98 billion, $8.94 per diluted share, compared to $3.34 billion, $7.51 per diluted share, last year.

Costco currently operates 830 warehouses, including 574 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. 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, May 26, 2022, and is available via a webcast on www.costco.com (click on Investor Relations and “Play Webcast”).

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, and COVID-19 related factors and challenges, including (among others) the duration of the pandemic, the unknown long-term economic impact, reduced shopping due to illness, travel restrictions or financial hardship, shifts in demand for products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures or operational limitations due to government mandates, or supply-chain disruptions, capacity constraints of third-party logistics suppliers, 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
Bob Nelson, 425/313-8255
David Sherwood, 425/313-8239
Josh Dahmen, 425/313-8254

 

 

 



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

 

 

 

 

 

12 Weeks Ended

 

36 Weeks Ended

 

May 8, 2022

 

May 9, 2021

 

May 8, 2022

 

May 9, 2021

REVENUE

 

 

 

 

 

 

 

Net sales

$

51,612

 

 

$

44,376

 

 

$

151,966

 

 

$

130,611

 

Membership fees

 

984

 

 

 

901

 

 

 

2,897

 

 

 

2,643

 

Total revenue

 

52,596

 

 

 

45,277

 

 

 

154,863

 

 

 

133,254

 

OPERATING EXPENSES

 

 

 

 

 

 

 

Merchandise costs

 

46,355

 

 

 

39,415

 

 

 

135,824

 

 

 

115,951

 

Selling, general and administrative

 

4,450

 

 

 

4,199

 

 

 

13,743

 

 

 

12,870

 

Operating income

 

1,791

 

 

 

1,663

 

 

 

5,296

 

 

 

4,433

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

Interest expense

 

(35

)

 

 

(40

)

 

 

(110

)

 

 

(119

)

Interest income and other, net

 

71

 

 

 

27

 

 

 

138

 

 

 

75

 

INCOME BEFORE INCOME TAXES

 

1,827

 

 

 

1,650

 

 

 

5,324

 

 

 

4,389

 

Provision for income taxes

 

455

 

 

 

417

 

 

 

1,287

 

 

 

1,004

 

Net income including noncontrolling interests

 

1,372

 

 

 

1,233

 

 

 

4,037

 

 

 

3,385

 

Net income attributable to noncontrolling interests

 

(19

)

 

 

(13

)

 

 

(61

)

 

 

(48

)

NET INCOME ATTRIBUTABLE TO COSTCO

$

1,353

 

 

$

1,220

 

 

$

3,976

 

 

$

3,337

 

 

 

 

 

 

 

 

 

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:

 

 

 

 

 

 

 

Basic

$

3.05

 

 

$

2.75

 

 

$

8.96

 

 

$

7.53

 

Diluted

$

3.04

 

 

$

2.75

 

 

$

8.94

 

 

$

7.51

 

 

 

 

 

 

 

 

 

Shares used in calculation (000s):

 

 

 

 

 

 

 

Basic

 

443,700

 

 

 

443,043

 

 

 

443,567

 

 

 

443,043

 

Diluted

 

444,886

 

 

 

444,127

 

 

 

444,802

 

 

 

444,336

 

 

 

 

 

 

 

 

 

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

Subject to Reclassification

 

 

 

 

 

May 8, 2022

 

August 29, 2021

ASSETS

 

 

 

CURRENT ASSETS

 

 

 

Cash and cash equivalents

$

11,193

 

 

$

11,258

 

Short-term investments

 

638

 

 

 

917

 

Receivables, net

 

1,991

 

 

 

1,803

 

Merchandise inventories

 

17,623

 

 

 

14,215

 

Other current assets

 

1,563

 

 

 

1,312

 

Total current assets

 

33,008

 

 

 

29,505

 

OTHER ASSETS

 

 

 

Property and equipment, net

 

24,143

 

 

 

23,492

 

Operating lease right-of-use assets

 

2,731

 

 

 

2,890

 

Other long-term assets

 

3,970

 

 

 

3,381

 

TOTAL ASSETS

$

63,852

 

 

$

59,268

 

LIABILITIES AND EQUITY

 

 

 

CURRENT LIABILITIES

 

 

 

Accounts payable

$

17,651

 

 

$

16,278

 

Accrued salaries and benefits

 

4,090

 

 

 

4,090

 

Accrued member rewards

 

1,828

 

 

 

1,671

 

Deferred membership fees

 

2,251

 

 

 

2,042

 

Current portion of long-term debt

 

77

 

 

 

799

 

Other current liabilities

 

5,948

 

 

 

4,561

 

Total current liabilities

 

31,845

 

 

 

29,441

 

OTHER LIABILITIES

 

 

 

Long-term debt, excluding current portion

 

6,507

 

 

 

6,692

 

Long-term operating lease liabilities

 

2,452

 

 

 

2,642

 

Other long-term liabilities

 

2,535

 

 

 

2,415

 

TOTAL LIABILITIES

 

43,339

 

 

 

41,190

 

COMMITMENTS AND CONTINGENCIES

 

 

 

EQUITY

 

 

 

Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding

 

 

 

 

 

Common stock $0.01 par value; 900,000,000 shares authorized; 443,029,000 and 441,825,000 shares issued and outstanding

 

4

 

 

 

4

 

Additional paid-in capital

 

7,272

 

 

 

7,031

 

Accumulated other comprehensive loss

 

(1,602

)

 

 

(1,137

)

Retained earnings

 

14,294

 

 

 

11,666

 

Total Costco stockholders’ equity

 

19,968

 

 

 

17,564

 

Noncontrolling interests

 

545

 

 

 

514

 

TOTAL EQUITY

 

20,513

 

 

 

18,078

 

TOTAL LIABILITIES AND EQUITY

$

63,852

 

 

$

59,268

 

 

 

 

 

 

 

 

 


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