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Costco Wholesale Corp New (COST) SEC Filing 8-K Material Event for the period ending Thursday, December 9, 2021

Costco Wholesale Corp New

CIK: 909832 Ticker: COST

Exhibit 99.1

 

Press Release    LOGO

 

COSTCO WHOLESALE CORPORATION REPORTS FIRST QUARTER

FISCAL YEAR 2022 OPERATING RESULTS

ISSAQUAH, Wash., December 9, 2021 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the first quarter (twelve weeks) of fiscal 2022, ended November 21, 2021.

Net sales for the first quarter increased 16.7 percent, to $49.42 billion from $42.35 billion last year.

Comparable sales for the first quarter fiscal 2022 were as follows:

 

     12 Weeks     12 Weeks  
           Adjusted*  

U.S.

     14.9     9.9

Canada

     17.2     8.3

Other International

     13.4     10.9

Total Company

     15.0     9.8
  

 

 

   

 

 

 

E-commerce

     14.3     13.3
  

 

 

   

 

 

 

 

*

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

Net income for the quarter was $1,324 million, $2.98 per diluted share, compared to $1,166 million, $2.62 per diluted share, last year. This year included a tax benefit of $91 million, $0.21 per diluted share, related to stock-based compensation, and a write-off of certain information technology assets of $118 million pre-tax, $0.20 per diluted share. Last year included tax benefits of $145 million, $0.33 per diluted share, and incremental expenses for COVID-19 premium wages of $212 million pre-tax, $0.35 per diluted share.

Costco currently operates 828 warehouses, including 572 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. 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 9, 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


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and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, 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, regulatory and other impacts related to climate change, and 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 for products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures or operational limitations due to 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  
     November 21, 2021     November 22, 2020  

REVENUE

    

Net sales

   $ 49,417   $ 42,347

Membership fees

     946     861
  

 

 

   

 

 

 

Total revenue

     50,363     43,208

OPERATING EXPENSES

    

Merchandise costs

     43,952     37,458

Selling, general and administrative

     4,690     4,298

Preopening expenses

     28     22
  

 

 

   

 

 

 

Operating income

     1,693     1,430

OTHER INCOME (EXPENSE)

    

Interest expense

     (39     (39

Interest income and other, net

     42     29
  

 

 

   

 

 

 

INCOME BEFORE INCOME TAXES

     1,696     1,420

Provision for income taxes

     351     239
  

 

 

   

 

 

 

Net income including noncontrolling interests

     1,345     1,181

Net income attributable to noncontrolling interests

     (21     (15
  

 

 

   

 

 

 

NET INCOME ATTRIBUTABLE TO COSTCO

   $ 1,324   $ 1,166
  

 

 

   

 

 

 

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:

    

Basic

   $ 2.99   $ 2.63
  

 

 

   

 

 

 

Diluted

   $ 2.98   $ 2.62
  

 

 

   

 

 

 

Shares used in calculation (000s):

    

Basic

     443,377     442,952

Diluted

     444,604     444,386


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COSTCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

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

(unaudited)

Subject to Reclassification

 

     November 21, 2021     August 29, 2021  
ASSETS     

CURRENT ASSETS

    

Cash and cash equivalents

   $ 12,751   $ 11,258

Short-term investments

     725     917

Receivables, net

     1,932     1,803

Merchandise inventories

     16,942     14,215

Other current assets

     1,500     1,312
  

 

 

   

 

 

 

Total current assets

     33,850     29,505

OTHER ASSETS

    

Property and equipment, net

     23,887     23,492

Operating lease right-of-use assets

     2,903     2,890

Other long-term assets

     3,509     3,381
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 64,149   $ 59,268
  

 

 

   

 

 

 
LIABILITIES AND EQUITY     

CURRENT LIABILITIES

    

Accounts payable

   $ 19,561   $ 16,278

Accrued salaries and benefits

     3,985     4,090

Accrued member rewards

     1,726     1,671

Deferred membership fees

     2,192     2,042

Current portion of long-term debt

     799     799

Other current liabilities

     5,079     4,561
  

 

 

   

 

 

 

Total current liabilities

     33,342     29,441

OTHER LIABILITIES

    

Long-term debt, excluding current portion

     6,667     6,692

Long-term operating lease liabilities

     2,649     2,642

Other long-term liabilities

     2,491     2,415
  

 

 

   

 

 

 

TOTAL LIABILITIES

     45,149     41,190
  

 

 

   

 

 

 

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; 443,434,000 and 441,825,000 shares issued and outstanding

     4     4

Additional paid-in capital

     7,064     7,031

Accumulated other comprehensive loss

     (1,211     (1,137

Retained earnings

     12,606     11,666
  

 

 

   

 

 

 

Total Costco stockholders’ equity

     18,463     17,564

Noncontrolling interests

     537     514
  

 

 

   

 

 

 

TOTAL EQUITY

     19,000     18,078
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 64,149   $ 59,268
  

 

 

   

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): December 9, 2021

 

 

COSTCO WHOLESALE CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Washington   0-20355   91-1223280
(State or other jurisdiction
of incorporation)
  (Commission
File No.)
  (I.R.S. Employer
Identification No.)

999 Lake Drive

Issaquah, WA 98027

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: 425-313-8100

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange
on which registered

Common Stock, par value $.01 per share   COST   NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition

On December 9, 2021, the Company issued a press release containing its operating results for the first quarter (twelve weeks) of fiscal 2022, ended November 21, 2021. A copy of the press release is included in Item 9.01.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibit is included in this report:

 

99.1.    Press release dated December 9, 2021.

 

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized, on December 9, 2021.

 

COSTCO WHOLESALE CORPORATION
By:  

/s/ Richard A. Galanti

  Richard A. Galanti
  Executive Vice President and Chief Financial Officer

 

3

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Ticker: COST
CIK: 909832
Form Type: 8-K Corporate News
Accession Number: 0001193125-21-352764
Submitted to the SEC: Thu Dec 09 2021 5:07:02 PM EST
Accepted by the SEC: Thu Dec 09 2021
Period: Thursday, December 9, 2021
Industry: Retail Variety Stores
Events:
  1. Earnings Release
  2. Financial Exhibit

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