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COSTCO WHOLESALE CORPORATION REPORTS FIRST QUARTER
FISCAL YEAR 2021 OPERATING RESULTS
ISSAQUAH, Wash., December 10, 2020 - Costco Wholesale Corporation (Costco or the Company) (Nasdaq: COST) today announced its operating results for the first quarter (twelve weeks) of fiscal 2021, ended November 22, 2020.
Net sales for the first quarter increased 16.9 percent, to $42.35 billion from $36.24 billion last year.
Comparable sales for the first quarter fiscal 2021 were as follows:
|12 Weeks||12 Weeks|
Excluding the impacts from changes in gasoline prices and foreign exchange.
Net income for the quarter was $1,166 million, or $2.62 per diluted share, compared to $844 million, or $1.90 per diluted share, last year. This years first quarter included tax benefits of $145 million or $0.33 per diluted share, $0.16 of which was due to the deductibility of the $10 per share special cash dividend, to the extent received by the Companys 401(k) plan participants; and $0.17 cents related to stock-based compensation. Last years first quarter included a $77 million or $0.17 per diluted share tax benefit related to stock-based compensation. This years results reflect an expense for COVID-19 premium wages of $212 million pre-tax or $0.35 per diluted share.
Costco currently operates 803 warehouses, including 558 in the United States and Puerto Rico, 102 in Canada, 39 in Mexico, 29 in the United Kingdom, 27 in Japan, 16 in Korea, 14 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, December 10, 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 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 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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