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Costco Wholesale Corp New (COST) SEC Filing 10-Q Quarterly report for the period ending Sunday, November 24, 2019

Costco Wholesale Corp New

CIK: 909832 Ticker: COST

Exhibit 99.1

 

Press Release   LOGO

 

COSTCO WHOLESALE CORPORATION REPORTS FIRST QUARTER

FISCAL YEAR 2020 OPERATING RESULTS

ISSAQUAH, Wash., December 12, 2019 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the first quarter (twelve weeks) of fiscal 2020, ended November 24, 2019.

Net sales for the first quarter were $36.24 billion, an increase of 5.6 percent from $34.31 billion last year.

Comparable sales for the first quarter fiscal 2020 were as follows:

 

     12 Weeks     12 Weeks  
           Adjusted*  

U.S.

     4.7     5.0

Canada

     2.9     5.1

Other International

     3.2     4.5

Total Company

     4.3     5.0
  

 

 

   

 

 

 

E-commerce

     5.5     5.7
  

 

 

   

 

 

 

 

*

Excluding the impacts from changes in gasoline prices and foreign exchange.

Total and comparable sales were negatively impacted by approximately one-half percent due to Thanksgiving occurring a week later this year. E-commerce sales in the quarter were negatively impacted by an estimated 12 percentage points.

Net income for the quarter was $844 million, or $1.90 per diluted share, compared to $767 million, or $1.73 per diluted share, last year. This year’s first quarter reflects a $77 million ($0.17 per diluted share) tax benefit related to stock-based compensation, compared to a $59 million ($0.13 per diluted share) similar benefit last year.

Costco currently operates 785 warehouses, including 546 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, and one each in Iceland, France, and China. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, and Japan.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, December 12, 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 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


The following information was filed by Costco Wholesale Corp New (COST) on Thursday, December 12, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Consolidated Statement Of Stockholders' Equity Statement
Commitments And Contingencies
Debt
Debt (Carrying Value And Estimated Fair Value Of Company's Long-Term Debt) (Details)
Debt (Tables)
Equity
Equity (Stock Repurchased During Period) (Details)
Equity (Tables)
Equity - Additional Information - Dividends (Detail)
Equity - Additional Information - Stock Repurchase Programs (Details)
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
Investments
Investments (Tables)
Investments - Available-For-Sale And Held-To-Maturity Investments (Detail)
Investments - Maturities Of Available-For-Sale And Held-To-Maturity Securities (Details)
Leases (Details)
Leases (Notes)
Leases (Tables)
Net Income Per Common And Common Equivalent Share
Net Income Per Common And Common Equivalent Share (Tables)
Net Income Per Common And Common Equivalent Share - Schedule Of Earnings Per Share Effect On Net Income And Weighted Average Number Of Dilutive Potential Common Stock (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting Information By Segment (Detail)
Segment Reporting Segment Reporting Information By Item Category (Details)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables)
Stock-Based Compensation Plans - Additional Information (Detail)
Stock-Based Compensation Plans - Summary Of Rsu Transactions (Details)
Stock-Based Compensation Plans - Summary Of Stock-Based Compensation Expense (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Ticker: COST
CIK: 909832
Form Type: 10-Q Quarterly Report
Accession Number: 0000909832-19-000033
Submitted to the SEC: Fri Dec 20 2019 11:04:39 PM EST
Accepted by the SEC: Mon Dec 23 2019
Period: Sunday, November 24, 2019
Industry: Retail Variety Stores

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