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Costco Wholesale Corp New (COST) SEC Filing 8-K Material Event for the period ending Thursday, May 26, 2022

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 2022

ISSAQUAH, Wash., May 26, 2022—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 2022, ended May 8, 2022.

Net sales for the quarter increased 16.3 percent, to $51.61 billion, from $44.38 billion last year. Net sales for the first 36 weeks increased 16.4 percent, to $151.97 billion, from $130.61 billion last year.

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

 

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

U.S.

     16.6     10.7     15.8     10.7

Canada

     15.2     12.8     16.1     11.2

Other International

     5.7     9.1     8.3     9.6

Total Company

     14.9     10.8     14.8     10.6
  

 

 

   

 

 

   

 

 

   

 

 

 

E-commerce

     7.4     7.9     11.4     11.3
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

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

Net income for the quarter was $1,353 million, $3.04 per diluted share, which included a one-time $77 million pretax charge, $0.13 per diluted share, for incremental benefits awarded under the new employee agreement effective March 14. Last year’s third quarter net income was $1,220 million, $2.75 per diluted share, which included $57 million pretax, $0.09 per diluted share, in COVID-19 related costs, primarily from $2 per hour premium pay. Net income for the first 36 weeks of fiscal 2022 was $3.98 billion, $8.94 per diluted share, compared to $3.34 billion, $7.51 per diluted share, last year.

Costco currently operates 830 warehouses, including 574 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, May 26, 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


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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 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

                         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 8, 2022     May 9, 2021     May 8, 2022     May 9, 2021  

REVENUE

        

Net sales

   $ 51,612     $ 44,376     $ 151,966     $ 130,611  

Membership fees

     984       901       2,897       2,643  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     52,596       45,277       154,863       133,254  

OPERATING EXPENSES

        

Merchandise costs

     46,355       39,415       135,824       115,951  

Selling, general and administrative

     4,450       4,199       13,743       12,870  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     1,791       1,663       5,296       4,433  

OTHER INCOME (EXPENSE)

        

Interest expense

     (35     (40     (110     (119

Interest income and other, net

     71       27       138       75  
  

 

 

   

 

 

   

 

 

   

 

 

 

INCOME BEFORE INCOME TAXES

     1,827       1,650       5,324       4,389  

Provision for income taxes

     455       417       1,287       1,004  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income including noncontrolling interests

     1,372       1,233       4,037       3,385  

Net income attributable to noncontrolling interests

     (19     (13     (61     (48
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME ATTRIBUTABLE TO COSTCO

   $ 1,353     $ 1,220     $ 3,976     $ 3,337  
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:

        

Basic

   $ 3.05     $ 2.75     $ 8.96     $ 7.53  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 3.04     $ 2.75     $ 8.94     $ 7.51  
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in calculation (000s):

        

Basic

     443,700       443,043       443,567       443,043  

Diluted

     444,886       444,127       444,802       444,336  


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COSTCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

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

(unaudited)

Subject to Reclassification

 

     May 8, 2022     August 29, 2021  
ASSETS     

CURRENT ASSETS

    

Cash and cash equivalents

   $ 11,193     $ 11,258  

Short-term investments

     638       917  

Receivables, net

     1,991       1,803  

Merchandise inventories

     17,623       14,215  

Other current assets

     1,563       1,312  
  

 

 

   

 

 

 

Total current assets

     33,008       29,505  

OTHER ASSETS

    

Property and equipment, net

     24,143       23,492  

Operating lease right-of-use assets

     2,731       2,890  

Other long-term assets

     3,970       3,381  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 63,852     $ 59,268  
  

 

 

   

 

 

 
LIABILITIES AND EQUITY     

CURRENT LIABILITIES

    

Accounts payable

   $ 17,651     $ 16,278  

Accrued salaries and benefits

     4,090       4,090  

Accrued member rewards

     1,828       1,671  

Deferred membership fees

     2,251       2,042  

Current portion of long-term debt

     77       799  

Other current liabilities

     5,948       4,561  
  

 

 

   

 

 

 

Total current liabilities

     31,845       29,441  

OTHER LIABILITIES

    

Long-term debt, excluding current portion

     6,507       6,692  

Long-term operating lease liabilities

     2,452       2,642  

Other long-term liabilities

     2,535       2,415  
  

 

 

   

 

 

 

TOTAL LIABILITIES

     43,339       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; 443,029,000 and 441,825,000 shares issued and outstanding

     4       4  

Additional paid-in capital

     7,272       7,031  

Accumulated other comprehensive loss

     (1,602     (1,137

Retained earnings

     14,294       11,666  
  

 

 

   

 

 

 

Total Costco stockholders’ equity

     19,968       17,564  

Noncontrolling interests

     545       514  
  

 

 

   

 

 

 

TOTAL EQUITY

     20,513       18,078  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 63,852     $ 59,268  
  

 

 

   

 

 

 

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Ticker: COST
CIK: 909832
Form Type: 8-K Corporate News
Accession Number: 0001193125-22-161034
Submitted to the SEC: Thu May 26 2022 4:26:04 PM EST
Accepted by the SEC: Thu May 26 2022
Period: Thursday, May 26, 2022
Industry: Retail Variety Stores
Events:
  1. Earnings Release
  2. Financial Exhibit

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