Costco Wholesale Corporation Reports Fourth Quarter and Fiscal Year 2023 Operating Results
26 Setembro 2023 - 5:15PM
Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq:
COST) today announced its operating results for the 17-week fourth
quarter and the 53-week fiscal year ended September 3, 2023.
Net sales for the 17-week fourth quarter were
$77.43 billion, an increase of 9.4 percent from $70.76 billion in
the 16-week fourth quarter last year. Net sales for the 53-week
fiscal year were $237.71 billion, an increase of 6.7 percent from
$222.73 billion in the 52-week fiscal year of 2022.
Comparable sales were as follows:
|
|
|
|
|
|
|
|
|
17 Weeks |
|
17 Weeks |
|
53 Weeks |
|
53 Weeks |
|
|
|
Adjusted* |
|
|
|
Adjusted* |
U.S. |
0.2% |
|
3.1% |
|
3.3% |
|
4.2% |
Canada |
1.8% |
|
7.4% |
|
1.7% |
|
8.1% |
Other
International |
5.5% |
|
4.4% |
|
2.8% |
|
7.6% |
|
|
|
|
|
|
|
|
Total
Company |
1.1% |
|
3.8% |
|
3.0% |
|
5.2% |
|
|
|
|
|
|
|
|
E-commerce |
-0.8% |
|
-0.6% |
|
-5.7% |
|
-4.8% |
*Excluding the impacts from changes in gasoline
prices and foreign exchange.
Net income for the 17-week fourth quarter was
$2.160 billion, $4.86 per diluted share, compared to $1.868
billion, $4.20 per diluted share, in the 16-week fourth quarter
last year.
Net income for the 53-week fiscal year was
$6.292 billion, $14.16 per diluted share, compared to $5.844
billion, $13.14 per diluted share, in the 52-week prior year.
Costco currently operates 861 warehouses,
including 591 in the United States and Puerto Rico, 107 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, September 26, 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 |
COSTCO WHOLESALE
CORPORATION CONSOLIDATED STATEMENTS OF
INCOME (dollars in millions, except per share
data) (unaudited)
|
17 Weeks Ended |
|
16 Weeks Ended |
|
53 Weeks Ended |
|
52 Weeks Ended |
|
September 3, 2023 |
|
August 28, 2022 |
|
September 3, 2023 |
|
August 28, 2022 |
REVENUE |
|
|
|
|
|
|
|
Net sales |
$ |
77,430 |
|
|
$ |
70,764 |
|
|
$ |
237,710 |
|
|
$ |
222,730 |
|
Membership fees |
|
1,509 |
|
|
|
1,327 |
|
|
|
4,580 |
|
|
|
4,224 |
|
Total revenue |
|
78,939 |
|
|
|
72,091 |
|
|
|
242,290 |
|
|
|
226,954 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
Merchandise costs |
|
69,219 |
|
|
|
63,558 |
|
|
|
212,586 |
|
|
|
199,382 |
|
Selling, general and administrative |
|
6,939 |
|
|
|
6,036 |
|
|
|
21,590 |
|
|
|
19,779 |
|
Operating income |
|
2,781 |
|
|
|
2,497 |
|
|
|
8,114 |
|
|
|
7,793 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
Interest expense |
|
(56 |
) |
|
|
(48 |
) |
|
|
(160 |
) |
|
|
(158 |
) |
Interest income and other, net |
|
238 |
|
|
|
67 |
|
|
|
533 |
|
|
|
205 |
|
INCOME BEFORE INCOME TAXES |
|
2,963 |
|
|
|
2,516 |
|
|
|
8,487 |
|
|
|
7,840 |
|
Provision for income taxes |
|
803 |
|
|
|
638 |
|
|
|
2,195 |
|
|
|
1,925 |
|
Net income including noncontrolling interests |
|
2,160 |
|
|
|
1,878 |
|
|
|
6,292 |
|
|
|
5,915 |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
|
(71 |
) |
NET
INCOME ATTRIBUTABLE TO COSTCO |
$ |
2,160 |
|
|
$ |
1,868 |
|
|
$ |
6,292 |
|
|
$ |
5,844 |
|
|
|
|
|
|
|
|
|
NET
INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: |
|
|
|
|
|
|
|
Basic |
$ |
4.87 |
|
|
$ |
4.21 |
|
|
$ |
14.18 |
|
|
$ |
13.17 |
|
Diluted |
$ |
4.86 |
|
|
$ |
4.20 |
|
|
$ |
14.16 |
|
|
$ |
13.14 |
|
|
|
|
|
|
|
|
|
Shares used
in calculation (000’s): |
|
|
|
|
|
|
|
Basic |
|
443,876 |
|
|
|
443,839 |
|
|
|
443,854 |
|
|
|
443,651 |
|
Diluted |
|
444,445 |
|
|
|
444,655 |
|
|
|
444,452 |
|
|
|
444,757 |
|
|
|
|
|
|
|
|
|
COSTCO WHOLESALE
CORPORATION CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share
data) (unaudited)
Subject to Reclassification
|
|
|
September 3, 2023 |
|
August 28, 2022 |
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash and cash equivalents |
$ |
13,700 |
|
|
$ |
10,203 |
|
Short-term investments |
|
1,534 |
|
|
|
846 |
|
Receivables, net |
|
2,285 |
|
|
|
2,241 |
|
Merchandise inventories |
|
16,651 |
|
|
|
17,907 |
|
Other current assets |
|
1,709 |
|
|
|
1,499 |
|
Total current assets |
|
35,879 |
|
|
|
32,696 |
|
OTHER ASSETS |
|
|
|
Property and equipment, net |
|
26,684 |
|
|
|
24,646 |
|
Operating lease right-of-use assets |
|
2,713 |
|
|
|
2,774 |
|
Other long-term assets |
|
3,718 |
|
|
|
4,050 |
|
TOTAL ASSETS |
$ |
68,994 |
|
|
$ |
64,166 |
|
LIABILITIES
AND EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Accounts payable |
$ |
17,483 |
|
|
$ |
17,848 |
|
Accrued salaries and benefits |
|
4,278 |
|
|
|
4,381 |
|
Accrued member rewards |
|
2,150 |
|
|
|
1,911 |
|
Deferred membership fees |
|
2,337 |
|
|
|
2,174 |
|
Current portion of long-term debt |
|
1,081 |
|
|
|
73 |
|
Other current liabilities |
|
6,254 |
|
|
|
5,611 |
|
Total current liabilities |
|
33,583 |
|
|
|
31,998 |
|
OTHER LIABILITIES |
|
|
|
Long-term debt, excluding current portion |
|
5,377 |
|
|
|
6,484 |
|
Long-term operating lease liabilities |
|
2,426 |
|
|
|
2,482 |
|
Other long-term liabilities |
|
2,550 |
|
|
|
2,555 |
|
TOTAL LIABILITIES |
|
43,936 |
|
|
|
43,519 |
|
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;
442,793,000 and 442,664,000 shares issued and outstanding |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
7,340 |
|
|
|
6,884 |
|
Accumulated other comprehensive loss |
|
(1,805 |
) |
|
|
(1,829 |
) |
Retained earnings |
|
19,521 |
|
|
|
15,585 |
|
Total Costco stockholders’ equity |
|
25,058 |
|
|
|
20,642 |
|
Noncontrolling interests |
|
— |
|
|
|
5 |
|
TOTAL EQUITY |
|
25,058 |
|
|
|
20,647 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
68,994 |
|
|
$ |
64,166 |
|
|
|
|
|
|
|
|
|
COSTCO WHOLESALE
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (amounts in millions)
(unaudited)
Subject to Reclassification
|
53 Weeks Ended |
|
52 Weeks Ended |
|
September 3, 2023 |
|
August 28, 2022 |
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net income including noncontrolling interests |
$ |
6,292 |
|
|
$ |
5,915 |
|
Adjustments to reconcile net income including noncontrolling
interests to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
2,077 |
|
|
|
1,900 |
|
Non-cash lease expense |
|
412 |
|
|
|
377 |
|
Stock-based compensation |
|
774 |
|
|
|
724 |
|
Other non-cash operating activities, net |
|
495 |
|
|
|
39 |
|
Changes in working capital |
|
1,018 |
|
|
|
(1,563 |
) |
Net cash provided by operating activities |
|
11,068 |
|
|
|
7,392 |
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Purchases of short-term investments |
|
(1,622 |
) |
|
|
(1,121 |
) |
Maturities and sales of short-term investments |
|
937 |
|
|
|
1,145 |
|
Additions to property and equipment |
|
(4,323 |
) |
|
|
(3,891 |
) |
Other investing activities, net |
|
36 |
|
|
|
(48 |
) |
Net cash used in investing activities |
|
(4,972 |
) |
|
|
(3,915 |
) |
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Repayments of short-term borrowings |
|
(935 |
) |
|
|
(6 |
) |
Proceeds from short-term borrowings |
|
917 |
|
|
|
53 |
|
Repayments of long-term debt |
|
(75 |
) |
|
|
(800 |
) |
Tax withholdings on stock-based awards |
|
(303 |
) |
|
|
(363 |
) |
Repurchases of common stock |
|
(676 |
) |
|
|
(439 |
) |
Cash dividend payments |
|
(1,251 |
) |
|
|
(1,498 |
) |
Financing lease payments |
|
(291 |
) |
|
|
(176 |
) |
Dividend to noncontrolling interest |
|
— |
|
|
|
(208 |
) |
Acquisition of noncontrolling interest |
|
— |
|
|
|
(842 |
) |
Other financing activities, net |
|
— |
|
|
|
(4 |
) |
Net cash used in financing activities |
|
(2,614 |
) |
|
|
(4,283 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS |
|
15 |
|
|
|
(249 |
) |
Net change in cash and cash equivalents |
|
3,497 |
|
|
|
(1,055 |
) |
CASH
AND CASH EQUIVALENTS BEGINNING OF YEAR |
|
10,203 |
|
|
|
11,258 |
|
CASH
AND CASH EQUIVALENTS END OF YEAR |
$ |
13,700 |
|
|
$ |
10,203 |
|
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