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Costco Wholesale Corporation Reports Fourth Quarter And Fiscal Year 2022 Operating Results

ISSAQUAH, Wash., Sept. 22, 2022 (GLOBE NEWSWIRE) -- 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 August 28, 2022.

Net sales for the quarter increased 15.2 percent, to $70.76 billion, from $61.44 billion last year. Net sales for the fiscal year increased 16.0 percent, to $222.73 billion, from $192.05 billion last year.

Comparable sales for the fourth quarter and the fiscal year were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

16 Weeks

 

16 Weeks

 

52 Weeks

 

52 Weeks

 

 

 

 

 

Adjusted*

 

 

 

Adjusted*

 

 

U.S.

15.8%

 

9.6%

 

15.8%

 

10.4%

 

 

Canada

13.4%

 

13.7%

 

15.2%

 

12.1%

 

 

Other International

2.9%

 

11.3%

 

6.6%

 

10.2%

 

 

 

 

 

 

 

 

 

 

 

 

Total Company

13.7%

 

10.4%

 

14.4%

 

10.6%

 

 

 

 

 

 

 

 

 

 

 

 

E-commerce

7.1%

 

8.4%

 

10.1%

 

10.4%

 

 

 

 

 

 

 

 

 

 

 

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

Net income for the fourth quarter was $1.868 billion, $4.20 per diluted share, compared to $1.670 billion, $3.76 per diluted share last year. Last year’s fourth quarter was negatively impacted by a write-off of information technology assets of $84 million pre-tax ($0.14 per diluted share).

Net income for the fiscal year was $5.84 billion, $13.14 per diluted share, compared to $5.01 billion, $11.27 per diluted share, in the prior year.

Costco currently operates 838 warehouses, including 578 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 17 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, September 22, 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

 

Richard Galanti, 425/313-8203

 

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)

 

16 Weeks Ended

 

52 Weeks Ended

 

August 28,
2022

 

August 29,
2021

 

August 28,
2022

 

August 29,
2021

REVENUE

 

 

 

 

 

 

 

Net sales

$

70,764

 

 

$

61,441

 

 

$

222,730

 

 

$

192,052

 

Membership fees

 

1,327

 

 

 

1,234

 

 

 

4,224

 

 

 

3,877

 

Total revenue

 

72,091

 

 

 

62,675

 

 

 

226,954

 

 

 

195,929

 

OPERATING EXPENSES

 

 

 

 

 

 

 

Merchandise costs

 

63,558

 

 

 

54,733

 

 

 

199,382

 

 

 

170,684

 

Selling, general and administrative

 

6,036

 

 

 

5,667

 

 

 

19,779

 

 

 

18,537

 

Operating income

 

2,497

 

 

 

2,275

 

 

 

7,793

 

 

 

6,708

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

Interest expense

 

(48

)

 

 

(52

)

 

 

(158

)

 

 

(171

)

Interest income and other, net

 

67

 

 

 

68

 

 

 

205

 

 

 

143

 

INCOME BEFORE INCOME TAXES

 

2,516

 

 

 

2,291

 

 

 

7,840

 

 

 

6,680

 

Provision for income taxes

 

638

 

 

 

597

 

 

 

1,925

 

 

 

1,601

 

Net income including noncontrolling interests

 

1,878

 

 

 

1,694

 

 

 

5,915

 

 

 

5,079

 

Net income attributable to noncontrolling interests

 

(10

)

 

 

(24

)

 

 

(71

)

 

 

(72

)

NET INCOME ATTRIBUTABLE TO COSTCO

$

1,868

 

 

$

1,670

 

 

$

5,844

 

 

$

5,007

 

 

 

 

 

 

 

 

 

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:

 

 

 

 

 

 

 

Basic

$

4.21

 

 

$

3.77

 

 

$

13.17

 

 

$

11.30

 

Diluted

$

4.20

 

 

$

3.76

 

 

$

13.14

 

 

$

11.27

 

 

 

 

 

 

 

 

 

Shares used in calculation (000’s):

 

 

 

 

 

 

 

Basic

 

443,839

 

 

 

443,193

 

 

 

443,651

 

 

 

443,089

 

Diluted

 

444,655

 

 

 

444,369

 

 

 

444,757

 

 

 

444,346

 

 

 

 

 

 

 

 

 


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

Subject to Reclassification

   

August 28,
2022

 

August 29,
2021

ASSETS

 

 

 

CURRENT ASSETS

 

 

 

Cash and cash equivalents

$

10,203

 

 

$

11,258

 

Short-term investments

 

846

 

 

 

917

 

Receivables, net

 

2,241

 

 

 

1,803

 

Merchandise inventories

 

17,907

 

 

 

14,215

 

Other current assets

 

1,499

 

 

 

1,312

 

Total current assets

 

32,696

 

 

 

29,505

 

OTHER ASSETS

 

 

 

Property and equipment, net

 

24,646

 

 

 

23,492

 

Operating lease right-of-use assets

 

2,774

 

 

 

2,890

 

Other long-term assets

 

4,050

 

 

 

3,381

 

TOTAL ASSETS

$

64,166

 

 

$

59,268

 

LIABILITIES AND EQUITY

 

 

 

CURRENT LIABILITIES

 

 

 

Accounts payable

$

17,848

 

 

$

16,278

 

Accrued salaries and benefits

 

4,381

 

 

 

4,090

 

Accrued member rewards

 

1,911

 

 

 

1,671

 

Deferred membership fees

 

2,174

 

 

 

2,042

 

Current portion of long-term debt

 

73

 

 

 

799

 

Other current liabilities

 

5,611

 

 

 

4,561

 

Total current liabilities

 

31,998

 

 

 

29,441

 

OTHER LIABILITIES

 

 

 

Long-term debt, excluding current portion

 

6,484

 

 

 

6,692

 

Long-term operating lease liabilities

 

2,482

 

 

 

2,642

 

Other long-term liabilities

 

2,555

 

 

 

2,415

 

TOTAL LIABILITIES

 

43,519

 

 

 

41,190

 

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; 442,664,000 and 441,825,000 shares issued and outstanding

 

2

 

 

 

4

 

Additional paid-in capital

 

6,884

 

 

 

7,031

 

Accumulated other comprehensive loss

 

(1,829

)

 

 

(1,137

)

Retained earnings

 

15,585

 

 

 

11,666

 

Total Costco stockholders’ equity

 

20,642

 

 

 

17,564

 

Noncontrolling interests

 

5

 

 

 

514

 

TOTAL EQUITY

 

20,647

 

 

 

18,078

 

TOTAL LIABILITIES AND EQUITY

$

64,166

 

 

$

59,268