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

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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