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Costco Wholesale Corp New (COST) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 1, 2019

Costco Wholesale Corp New

CIK: 909832 Ticker: COST

Exhibit 99.1

 

Press Release    LOGO

 

 

COSTCO WHOLESALE CORPORATION REPORTS FOURTH QUARTER AND FISCAL

YEAR 2019 OPERATING RESULTS

ISSAQUAH, Wash., October 3, 2019 - 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 September 1, 2019.

Net sales for the quarter were $46.45 billion, an increase of 7.0 percent from $43.41 billion during the similar period last year. Net sales for the fiscal year were $149.35 billion, an increase of 7.9 percent from $138.43 billion during the similar period 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.

     6.2     5.2     7.8     6.4

Canada

     2.6     4.7     1.6     5.3

Other International

     1.9     5.0     2.0     5.6

Total Company

     5.1     5.1     6.1     6.1
  

 

 

   

 

 

   

 

 

   

 

 

 

E-commerce

     19.8     21.9     23.1     23.3
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

Excluding the impacts from changes in gasoline prices, foreign exchange, and a previously disclosed accounting change concerning revenue recognition (ASC 606).

Net income for the fourth quarter was $1,097 million, or $2.47 per diluted share, compared to $1,043 million, or $2.36 per diluted share, last year. This year’s fourth quarter was negatively impacted by a $123 million pre-tax reserve to SG&A ($96 million after-tax), or 22 cents per diluted share, related to a product tax assessment.

Net income for the fiscal year was $3.66 billion, or $8.26 per diluted share, compared to $3.13 billion, or $7.09 per diluted share, in the prior year. As previously disclosed and mentioned above, this year’s net income was impacted by a net benefit of $30 million or $0.07 per diluted share from primarily non-recurring items. Last year was positively impacted by a first quarter tax benefit of $41 million or $0.09 per diluted share.

Costco currently operates 783 warehouses, including 544 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, one in France, one in Iceland, and one in China. Costco also operates e-commerce web sites in the U.S., Canada, the United Kingdom, Mexico, Korea and Taiwan.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, October 3, 2019, 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


The following information was filed by Costco Wholesale Corp New (COST) on Thursday, October 3, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Costco Wholesale Corp New's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Income
Commitments And Contingencies
Debt
Debt (Additional Information) (Details)
Debt (Carrying Value Of Company's Long Term Debt) (Details)
Debt (Schedule Of Long-Term Debt Maturities) (Details)
Debt (Schedule Of Short-Term Debt) (Details)
Debt (Tables)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Fair Value Of Financial Assets And Financial Liabilities Measured On Recurring Basis (Details)
Income Taxes
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Gross Unrecognized Tax Benefits) (Details)
Income Taxes (Income Before Income Taxes) (Details)
Income Taxes (Reconciliation Between Statutory And Effective Rates) (Details)
Income Taxes (Schedule Of Foreign And Domestic Income Taxes) (Details)
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Investments
Investments (Tables)
Investments - Available For Sale And Held To Maturity Investments (Details)
Investments - Maturities Of Available For Sale And Held To Maturity Securities (Details)
Investments - Proceeds From Sales Of Available For Sale Securities (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Additional Information (Details)
Net Income Per Common And Common Equivalent Share
Net Income Per Common And Common Equivalent Share - Schedule Of Earnings Per Share Effect On Net Income And Weighted Averegae Number Of Dilutive Potential Common Stock (Details)
Net Income Per Common And Common Equivalent Share Net Income Per Common And Common Equivalent Share (Tables)
Quarterly Financial Data (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting Information By Item Category (Details)
Segment Reporting Information By Segment (Details)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables)
Stock-Based Compensation Plans - Additional Information (Details)
Stock-Based Compensation Plans - Summary Of Rsu Transactions (Details)
Stock-Based Compensation Plans - Summary Of Stock-Based Compensation Expense (Details)
Stockholders' Equity
Stockholders' Equity (Stock Repurchased During Period) (Details)
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Merchandise Inventories (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Ticker: COST
CIK: 909832
Form Type: 10-K Annual Report
Accession Number: 0000909832-19-000019
Submitted to the SEC: Thu Oct 10 2019 6:06:12 PM EST
Accepted by the SEC: Fri Oct 11 2019
Period: Sunday, September 1, 2019
Industry: Retail Variety Stores

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