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Costco Wholesale Corp New (COST) SEC Filing 8-K Material Event for the period ending Thursday, September 22, 2022

Costco Wholesale Corp New

CIK: 909832 Ticker: COST

Exhibit 99.1

 

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COSTCO WHOLESALE CORPORATION REPORTS FOURTH QUARTER AND FISCAL

YEAR 2022 OPERATING RESULTS

ISSAQUAH, Wash., September 22, 2022 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the 16-week fourth quarter and the 52-week

fiscal year, ended August 28, 2022.

Net sales for the quarter increased 15.2 percent, to $70.76 billion, from $61.44 billion last year. Net sales for the fiscal year increased 16.0 percent, to $222.73 billion, from $192.05 billion last year.

Comparable sales for the fourth quarter and the fiscal year were as follows:

 

     16 Weeks     16 Weeks     52 Weeks     52 Weeks  
           Adjusted*           Adjusted*  

U.S.

     15.8     9.6     15.8     10.4

Canada

     13.4     13.7     15.2     12.1

Other International

     2.9     11.3     6.6     10.2

Total Company

     13.7     10.4     14.4     10.6
  

 

 

   

 

 

   

 

 

   

 

 

 

E-commerce

     7.1     8.4     10.1     10.4
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

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

Net income for the fourth quarter was $1.868 billion, $4.20 per diluted share, compared to $1.670 billion, $3.76 per diluted share last year. Last year’s fourth quarter was negatively impacted by a write-off of information technology assets of $84 million pre-tax ($0.14 per diluted share).

Net income for the fiscal year was $5.84 billion, $13.14 per diluted share, compared to $5.01 billion, $11.27 per diluted share, in the prior year.

Costco currently operates 838 warehouses, including 578 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 17 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, September 22, 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
  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)

 

     16 Weeks Ended     52 Weeks Ended  
     August 28,
2022
    August 29,
2021
    August 28,
2022
    August 29,
2021
 

REVENUE

        

Net sales

   $ 70,764     $ 61,441     $ 222,730     $ 192,052  

Membership fees

     1,327       1,234       4,224       3,877  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     72,091       62,675       226,954       195,929  

OPERATING EXPENSES

        

Merchandise costs

     63,558       54,733       199,382       170,684  

Selling, general and administrative

     6,036       5,667       19,779       18,537  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     2,497       2,275       7,793       6,708  

OTHER INCOME (EXPENSE)

        

Interest expense

     (48     (52     (158     (171

Interest income and other, net

     67       68       205       143  
  

 

 

   

 

 

   

 

 

   

 

 

 

INCOME BEFORE INCOME TAXES

     2,516       2,291       7,840       6,680  

Provision for income taxes

     638       597       1,925       1,601  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income including noncontrolling interests

     1,878       1,694       5,915       5,079  

Net income attributable to noncontrolling interests

     (10     (24     (71     (72
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME ATTRIBUTABLE TO COSTCO

   $ 1,868     $ 1,670     $ 5,844     $ 5,007  
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:

        

Basic

   $ 4.21     $ 3.77     $ 13.17     $ 11.30  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 4.20     $ 3.76     $ 13.14     $ 11.27  
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in calculation (000’s):

        

Basic

     443,839       443,193       443,651       443,089  

Diluted

     444,655       444,369       444,757       444,346  


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COSTCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

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

(unaudited)

Subject to Reclassification

 

     August 28,
2022
    August 29,
2021
 
ASSETS     

CURRENT ASSETS

    

Cash and cash equivalents

   $ 10,203     $ 11,258  

Short-term investments

     846       917  

Receivables, net

     2,241       1,803  

Merchandise inventories

     17,907       14,215  

Other current assets

     1,499       1,312  
  

 

 

   

 

 

 

Total current assets

     32,696       29,505  

OTHER ASSETS

    

Property and equipment, net

     24,646       23,492  

Operating lease right-of-use assets

     2,774       2,890  

Other long-term assets

     4,050       3,381  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 64,166     $ 59,268  
  

 

 

   

 

 

 
LIABILITIES AND EQUITY     

CURRENT LIABILITIES

    

Accounts payable

   $ 17,848     $ 16,278  

Accrued salaries and benefits

     4,381       4,090  

Accrued member rewards

     1,911       1,671  

Deferred membership fees

     2,174       2,042  

Current portion of long-term debt

     73       799  

Other current liabilities

     5,611       4,561  
  

 

 

   

 

 

 

Total current liabilities

     31,998       29,441  

OTHER LIABILITIES

    

Long-term debt, excluding current portion

     6,484       6,692  

Long-term operating lease liabilities

     2,482       2,642  

Other long-term liabilities

     2,555       2,415  
  

 

 

   

 

 

 

TOTAL LIABILITIES

     43,519       41,190  
  

 

 

   

 

 

 

COMMITMENTS AND CONTINGENCIES

    

EQUITY

    

Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding

     —         —    

Common stock $0.005 par value; 900,000,000 shares authorized; 442,664,000 and 441,825,000 shares issued and outstanding

     2       4  

Additional paid-in capital

     6,884       7,031  

Accumulated other comprehensive loss

     (1,829     (1,137

Retained earnings

     15,585       11,666  
  

 

 

   

 

 

 

Total Costco stockholders’ equity

     20,642       17,564  

Noncontrolling interests

     5       514  
  

 

 

   

 

 

 

TOTAL EQUITY

     20,647       18,078  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 64,166     $ 59,268  
  

 

 

   

 

 

 

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Ticker: COST
CIK: 909832
Form Type: 8-K Corporate News
Accession Number: 0001193125-22-249988
Submitted to the SEC: Fri Sep 23 2022 1:38:33 PM EST
Accepted by the SEC: Fri Sep 23 2022
Period: Thursday, September 22, 2022
Industry: Retail Variety Stores
Events:
  1. Earnings Release
  2. Financial Exhibit

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