Last10K.com

Costco Wholesale Corp New (COST) SEC Filing 8-K Material Event for the period ending Thursday, March 3, 2022

Costco Wholesale Corp New

CIK: 909832 Ticker: COST

Exhibit 99.1

 

LOGO    LOGO

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

OPERATING RESULTS FOR FISCAL 2022 AND FEBRUARY SALES RESULTS

ISSAQUAH, Wash., March 3, 2022 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2022, ended February 13, 2022.

Net sales for the quarter increased 16.1 percent, to $50.94 billion, from $43.89 billion last year. Net sales for the first 24 weeks increased 16.4 percent, to $100.35 billion, from $86.23 billion last year.

Comparable sales for the second quarter and first 24 weeks of fiscal 2022 were as follows:

 

     12 Weeks     12 Weeks     24 Weeks     24 Weeks  
           Adjusted*           Adjusted*  

U.S.

     15.8     11.3     15.4     10.6

Canada

     16.0     12.4     16.6     10.3

Other International

     6.2     9.0     9.5     9.9

Total Company

     14.4     11.1     14.7     10.5
  

 

 

   

 

 

   

 

 

   

 

 

 

E-commerce

     12.5     12.6     13.3     12.9
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

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

Net income for the quarter was $1,299 million, $2.92 per diluted share. Last year’s second quarter net income was $951 million, $2.14 per diluted share, which included $246 million pretax, $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Net income for the first 24 weeks was $2.62 billion, or $5.90 per diluted share, compared to $2.12 billion, $4.76 per diluted share, last year.

For the four-week reporting month of February, ended February 27, 2022, the Company reported net sales of $16.29 billion, an increase of 15.9 percent from $14.05 billion last year. Lunar New Year/Chinese New Year occurred on February 1, 11 days earlier this year. The shift negatively impacted February’s Other International and Total Company sales by approximately 4% and 0.5%, respectively. For the twenty-six

week period ended February 27, 2022, net sales were $108.39 billion, an increase of 16.3 percent from $93.16 billion last year.

Comparable sales for the February and year-to-date periods ended February 27, 2022, were as follows:

 

     4 Weeks     4 Weeks     26 Weeks     26 Weeks  
           Adjusted*           Adjusted*  

U.S.

     17.4     12.9     15.5     10.8

Canada

     11.7     8.8     16.1     10.1

Other International

     -0.9     1.3     9.2     9.7

Total Company

     14.0     10.6     14.7     10.5
  

 

 

   

 

 

   

 

 

   

 

 

 

E-commerce

     10.2     10.4     13.1     12.8
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

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


LOGO    LOGO

 

 

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, March 3, 2022, 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 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 and the Ukraine conflict), 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


LOGO    LOGO

 

 

COSTCO WHOLESALE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data)

(unaudited)

 

     12 Weeks Ended     24 Weeks Ended  
     February 13,
2022
    February 14,
2021
    February 13,
2022
    February 14,
2021
 

REVENUE

        

Net sales

   $ 50,937     $ 43,888     $ 100,354     $ 86,235  

Membership fees

     967       881       1,913       1,742  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     51,904       44,769       102,267       87,977  

OPERATING EXPENSES

        

Merchandise costs

     45,517       39,078       89,469       76,536  

Selling, general and administrative

     4,575       4,351       9,293       8,671  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     1,812       1,340       3,505       2,770  

OTHER INCOME (EXPENSE)

        

Interest expense

     (36     (40     (75     (79

Interest income and other, net

     25       19       67       48  
  

 

 

   

 

 

   

 

 

   

 

 

 

INCOME BEFORE INCOME TAXES

     1,801       1,319       3,497       2,739  

Provision for income taxes

     481       348       832       587  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income including noncontrolling interests

     1,320       971       2,665       2,152  

Net income attributable to noncontrolling interests

     (21     (20     (42     (35
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME ATTRIBUTABLE TO COSTCO

   $ 1,299     $ 951     $ 2,623     $ 2,117  
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:

        

Basic

   $ 2.93     $ 2.15     $ 5.91     $ 4.78  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 2.92     $ 2.14     $ 5.90     $ 4.76  
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in calculation (000s):

        

Basic

     443,623       443,134       443,500       443,043  

Diluted

     444,916       444,494       444,760       444,440  


LOGO    LOGO

 

 

COSTCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

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

(unaudited)

Subject to Reclassification

 

     February 13, 2022     August 29, 2021  
ASSETS     
CURRENT ASSETS     

Cash and cash equivalents

   $ 11,819     $ 11,258  

Short-term investments

     477       917  

Receivables, net

     2,232       1,803  

Merchandise inventories

     16,485       14,215  

Other current assets

     1,552       1,312  
  

 

 

   

 

 

 

Total current assets

     32,565       29,505  
OTHER ASSETS     

Property and equipment, net

     24,052       23,492  

Operating lease right-of-use assets

     2,840       2,890  

Other long-term assets

     3,621       3,381  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 63,078     $ 59,268  
  

 

 

   

 

 

 
LIABILITIES AND EQUITY     
CURRENT LIABILITIES     

Accounts payable

   $ 17,089     $ 16,278  

Accrued salaries and benefits

     4,347       4,090  

Accrued member rewards

     1,798       1,671  

Deferred membership fees

     2,244       2,042  

Current portion of long-term debt

           799  

Other current liabilities

     6,067       4,561  
  

 

 

   

 

 

 

Total current liabilities

     31,545       29,441  
OTHER LIABILITIES     

Long-term debt, excluding current portion

     6,658       6,692  

Long-term operating lease liabilities

     2,588       2,642  

Other long-term liabilities

     2,311       2,415  
  

 

 

   

 

 

 

TOTAL LIABILITIES

     43,102       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; 443,279,000 and 441,825,000 shares issued and outstanding

     4       4  

Additional paid-in capital

     7,186       7,031  

Accumulated other comprehensive loss

     (1,246     (1,137

Retained earnings

     13,474       11,666  
  

 

 

   

 

 

 

Total Costco stockholders’ equity

     19,418       17,564  

Noncontrolling interests

     558       514  
  

 

 

   

 

 

 

TOTAL EQUITY

     19,976       18,078  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 63,078     $ 59,268  
  

 

 

   

 

 

 

View differences made from one to another to evaluate Costco Wholesale Corp New's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Costco Wholesale Corp New.

Continue

Assess how Costco Wholesale Corp New's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Costco Wholesale Corp New's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 8-K Corporate News

Material Contracts, Statements, Certifications & more

Costco Wholesale Corp New provided additional information to their SEC Filing as exhibits

Ticker: COST
CIK: 909832
Form Type: 8-K Corporate News
Accession Number: 0001193125-22-065629
Submitted to the SEC: Fri Mar 04 2022 12:47:58 PM EST
Accepted by the SEC: Fri Mar 04 2022
Period: Thursday, March 3, 2022
Industry: Retail Variety Stores
Events:
  1. Earnings Release
  2. Financial Exhibit

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/cost/0001193125-22-065629.htm