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Costco Wholesale Corp New (COST) SEC Filing 10-K Annual report for the fiscal year ending Sunday, August 30, 2020

Costco Wholesale Corp New

CIK: 909832 Ticker: COST

Exhibit 99.1

 

Press Release

 

  

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COSTCO WHOLESALE CORPORATION REPORTS FOURTH QUARTER AND FISCAL

YEAR 2020 OPERATING RESULTS

ISSAQUAH, Wash., September 24, 2020 - 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 30, 2020.

Net sales for the quarter increased 12.5 percent, to $52.28 billion from $46.45 billion last year. Net sales for the fiscal year increased 9.3 percent, to $163.22 billion from $149.35 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.

   11.0%   13.6%   8.1%   9.2%

Canada

   9.1%   12.6%   5.0%   7.4%

Other International

   16.1%   18.8%   8.9%   11.2%

Total Company

   11.4%   14.1%   7.7%   9.2%
  

 

 

 

 

 

 

 

E-commerce

   90.6%   91.3%   49.5%   50.1%
  

 

 

 

 

 

 

 

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

Net income for the fourth quarter was $1.389 billion, or $3.13 per diluted share, compared to $1.097 billion, or $2.47 per diluted share last year. This year’s fourth quarter was negatively impacted by incremental expense related to COVID-19 premium wages and sanitation costs of $281 million pretax ($0.47 per diluted share) and a $36 million pretax charge ($0.06 per diluted share) related to the prepayment of $1.5 billion of debt. These items were partially offset by an $84 million pretax benefit ($0.15 per diluted share) for the partial reversal of a reserve of $123 million pretax ($0.22 cents per diluted share), related to a product tax assessment taken in the fourth quarter of last year.

Net income for the fiscal year was $4.00 billion, or $9.02 per diluted share, compared to $3.66 billion, or $8.26 per diluted share in the prior year.

Costco currently operates 795 warehouses, including 552 in the United States and Puerto Rico, 101 in Canada, 39 in Mexico, 29 in the United Kingdom, 27 in Japan, 16 in Korea, 13 in Taiwan, 12 in Australia, three 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, Japan, and Australia.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, September 24, 2020, 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


The following information was filed by Costco Wholesale Corp New (COST) on Thursday, September 24, 2020 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
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
Acquisitions
Acquisitions (Details)
Commitments And Contingencies
Debt
Debt (Additional Information) (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)
Leases
Leases (Details)
Leases (Tables)
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: 0000909832-20-000017
Submitted to the SEC: Tue Oct 06 2020 7:07:39 PM EST
Accepted by the SEC: Wed Oct 07 2020
Period: Sunday, August 30, 2020
Industry: Retail Variety Stores

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