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Costco Wholesale Corp New (COST) SEC Filing 8-K Material Event for the period ending Thursday, May 27, 2021

Costco Wholesale Corp New

CIK: 909832 Ticker: COST

Exhibit 99.1

 

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COSTCO WHOLESALE CORPORATION REPORTS THIRD QUARTER AND YEAR-TO-DATE

OPERATING RESULTS FOR FISCAL 2021

ISSAQUAH, Wash., May 27, 2021 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the third quarter (twelve weeks) and the first 36 weeks of fiscal 2021, ended May 9, 2021.

Net sales for the quarter increased 21.7 percent, to $44.38 billion, from $36.45 billion last year. Net sales for the first 36 weeks increased 17.7 percent, to $130.61 billion, from $110.94 billion last year.

Comparable sales for the third quarter fiscal 2021 were as follows:

 

     12 Weeks     12 Weeks     36 Weeks     36 Weeks  
           Adjusted*           Adjusted*  

U.S.

     18.2     15.2     14.7     15.1

Canada

     32.3     16.7     20.2     14.7

Other International

     22.9     13.1     21.1     16.3

Total Company

     20.6     15.1     16.3     15.2
  

 

 

   

 

 

   

 

 

   

 

 

 

E-commerce

     41.2     38.2     65.1     63.6
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

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

Net income for the quarter was $1,220 million, or $2.75 per diluted share, which included $57 million pretax, or $0.09 per diluted share, in COVID-19 related costs, primarily from $2 per hour premium pay. Last year’s third quarter net income was $838 million, or $1.89 per diluted share, inclusive of $283 million pretax, or $0.47 per diluted share of COVID related costs. Net income for the first 36 weeks was $3.34 billion, or $7.51 per diluted share, compared to $2.61 billion, or $5.89 per diluted share, last year.

Costco currently operates 809 warehouses, including 559 in the United States and Puerto Rico, 105 in Canada, 39 in Mexico, 29 in the United Kingdom, 29 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, May 27, 2021, 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


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exchange rates, 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), the ability to maintain effective internal control over financial reporting, 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 away from discretionary or higher-priced products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures due to reduced workforces or 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


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COSTCO WHOLESALE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data)

(unaudited)

 

     12 Weeks Ended     36 Weeks Ended  
     May 9, 2021     May 10, 2020     May 9, 2021     May 10, 2020  

REVENUE

        

Net sales

   $ 44,376   $ 36,451   $ 130,611   $ 110,943

Membership fees

     901     815     2,643     2,435
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     45,277     37,266     133,254     113,378

OPERATING EXPENSES

        

Merchandise costs

     39,415     32,249     115,951     98,538

Selling, general and administrative

     4,189     3,830     12,829     11,305

Preopening expenses

     10     8     41     29
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     1,663     1,179     4,433     3,506

OTHER INCOME (EXPENSE)

        

Interest expense

     (40     (37     (119     (109

Interest income and other, net

     27     21     75     101
  

 

 

   

 

 

   

 

 

   

 

 

 

INCOME BEFORE INCOME TAXES

     1,650     1,163     4,389     3,498

Provision for income taxes

     417     311     1,004     843
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income including noncontrolling interests

     1,233     852     3,385     2,655

Net income attributable to noncontrolling interests

     (13     (14     (48     (42
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME ATTRIBUTABLE TO COSTCO

   $ 1,220   $ 838   $ 3,337   $ 2,613
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:

        

Basic

   $ 2.75   $ 1.90   $ 7.53   $ 5.91
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 2.75   $ 1.89   $ 7.51   $ 5.89
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in calculation (000s):

        

Basic

     443,043     442,322     443,043     442,054

Diluted

     444,127     443,855     444,336     443,754


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COSTCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

(amounts in millions, except par value and share data)

(unaudited)

Subject to Reclassification

 

     May 9, 2021     August 30, 2020  
ASSETS     

CURRENT ASSETS

    

Cash and cash equivalents

   $ 10,226   $ 12,277

Short-term investments

     900     1,028

Receivables, net

     1,595     1,550

Merchandise inventories

     13,975     12,242

Other current assets

     1,220     1,023
  

 

 

   

 

 

 

Total current assets

     27,916     28,120

OTHER ASSETS

    

Property and equipment, net

     23,177     21,807

Operating lease right-of-use assets

     2,875     2,788

Other long-term assets

     3,306     2,841
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 57,274   $ 55,556
  

 

 

   

 

 

 
LIABILITIES AND EQUITY     

CURRENT LIABILITIES

    

Accounts payable

   $ 15,538   $ 14,172

Accrued salaries and benefits

     3,826     3,605

Accrued member rewards

     1,617     1,393

Deferred membership fees

     2,102     1,851

Current portion of long-term debt

     92     95

Other current liabilities

     4,807     3,728
  

 

 

   

 

 

 

Total current liabilities

     27,982     24,844

OTHER LIABILITIES

    

Long-term debt, excluding current portion

     7,495     7,514

Long-term operating lease liabilities

     2,641     2,558

Other long-term liabilities

     2,182     1,935
  

 

 

   

 

 

 

TOTAL LIABILITIES

     40,300     36,851
  

 

 

   

 

 

 

COMMITMENTS AND CONTINGENCIES EQUITY

    

Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding

     —         —    

Common stock $0.01 par value; 900,000,000 shares authorized; 442,141,000 and 441,255,000 shares issued and outstanding

     4     4

Additional paid-in capital

     6,921     6,698

Accumulated other comprehensive loss

     (909     (1,297

Retained earnings

     10,466     12,879
  

 

 

   

 

 

 

Total Costco stockholders’ equity

     16,482     18,284

Noncontrolling interests

     492     421
  

 

 

   

 

 

 

TOTAL EQUITY

     16,974     18,705
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 57,274   $ 55,556
  

 

 

   

 

 

 

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Ticker: COST
CIK: 909832
Form Type: 8-K Corporate News
Accession Number: 0001193125-21-175491
Submitted to the SEC: Thu May 27 2021 5:03:01 PM EST
Accepted by the SEC: Thu May 27 2021
Period: Thursday, May 27, 2021
Industry: Retail Variety Stores
Events:
  1. Earnings Release
  2. Financial Exhibit

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