ISSAQUAH, Wash., Dec. 08, 2022 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the first quarter (twelve weeks) of fiscal 2023, ended November 20, 2022.
Net sales for the first quarter increased 8.1 percent, to $53.44 billion from $49.42 billion last year.
Comparable sales for the first quarter fiscal 2023 were as follows:
|12 Weeks||12 Weeks|
*Excluding the impacts from changes in gasoline prices and foreign exchange.
Net income for the quarter was $1,364 million, $3.07 per diluted share, compared to $1,324 million, $2.98 per diluted share, last year. This 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. Last year’s results included a write-off of certain information technology assets of $118 million pre-tax, $0.20 per diluted share, and a tax benefit of $91 million, $0.21 per diluted share, related to stock-based compensation.
Costco currently operates 847 warehouses, including 583 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 18 in Korea, 14 in Taiwan, 14 in Australia, four in Spain, two each in France and China, and one each in Iceland, New Zealand and Sweden. 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, December 8, 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, COVID-19 related factors and challenges, 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)
|12 Weeks Ended|
| ||November 20, 2022||November 21, 2021|
|Selling, general and administrative||4,917||4,718|
|OTHER INCOME (EXPENSE)|
|Interest income and other, net||53||42|
|INCOME BEFORE INCOME TAXES||1,770||1,696|
|Provision for income taxes||406||351|
|Net income including noncontrolling interests||1,364||1,345|
|Net income attributable to noncontrolling interests||—||(21||)|
|NET INCOME ATTRIBUTABLE TO COSTCO||$||1,364||$||1,324|
|NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:|
|Shares used in calculation (000s):|
|COSTCO WHOLESALE CORPORATION |
CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share data)
|Subject to Reclassification|
|November 20, 2022||August 28, 2022|
|Cash and cash equivalents||$||10,856||$||10,203|
|Other current assets||1,594||1,499|
|Total current assets||34,150||32,696|
|Property and equipment, net||25,144||24,646|
|Operating lease right-of-use assets||2,787||2,774|
|Other long-term assets||3,946||4,050|
|LIABILITIES AND EQUITY|
|Accrued salaries and benefits||4,317||4,381|
|Accrued member rewards||1,959||1,911|
|Deferred membership fees||2,322||2,174|
|Current portion of long-term debt||71||73|
|Other current liabilities||6,050||5,611|
|Total current liabilities||33,067||31,998|
|Long-term debt, excluding current portion||6,472||6,484|
|Long-term operating lease liabilities||2,503||2,482|
|Other long-term liabilities||2,509||2,555|
|COMMITMENTS AND CONTINGENCIES|
|Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding||—||—|
|Common stock $0.005 par value; 900,000,000 shares authorized; 443,841,000 and 442,664,000 shares issued and outstanding||2||2|
|Additional paid-in capital||6,982||6,884|
|Accumulated other comprehensive loss||(1,925||)||(1,829||)|
|Total Costco stockholders’ equity||21,471||20,642|
|TOTAL LIABILITIES AND EQUITY||$||66,027||$||64,166|