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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% 
 Canada13.4% 13.7% 15.2% 12.1% 
 Other International2.9% 11.3% 6.6% 10.2% 
          
 Total Company13.7% 10.4% 14.4% 10.6% 
          
 E-commerce7.1% 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