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September 22, 2022 at 4:15 PM EDT

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  
               

Costco Wholesale Corporation