ISSAQUAH, Washington, March 3, 2022 (GLOBE NEWSWIRE) – Costco Wholesale Corporation (Nasdaq: COST) today announced its operational results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2022, ended February 13, 2022
Net sales for the quarter rose 16.1 percent to $ 50.94 billion from $ 43.89 billion last year. Net sales for the first 24 weeks rose 16.4 percent to $ 100.35 billion from $ 86.23 billion last year.
Comparable sales for the second quarter and the first 24 weeks of fiscal 2022 were as follows:
12 weeks | 12 weeks | 24 weeks | 24 weeks | |||||
Corrected * | Corrected * | |||||||
US | 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 effects of changes in gasoline and currency prices.
Net income for the quarter was $ 1,299 million, $ 2.92 per discounted share. Net income for the second quarter of last year was $ 951 million, $ 2.14 per share at a reduced value, which includes $ 246 million before tax, $ 0.41 per share at a reduced value, at expenses incurred primarily from premium salaries of COVID-19. Net income for the first 24 weeks was $ 2.62 billion, or $ 5.90 per discounted share, compared to $ 2.12 billion, $ 4.76 per discounted share, last year.
For the four-week reporting month of February, ending 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 change had a negative impact on sales of other international and Total Company in February 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.
The comparable sales for February and the periods from year to date ended on 27 February 2022 are as follows:
4 weeks | 4 weeks | 26 weeks | 26 weeks | |||||
Corrected * | Corrected * | |||||||
US | 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 effects of changes in gasoline and currency prices.
The story continues
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 each in Iceland. Costco also operates e-commerce sites in the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.
A conference call to discuss these results is scheduled for 14:00 (PT) today, March 3, 2022, and is available through a webcast at www.costco.com (click Investor Relations and “Play Webcast”).
Some of the statements contained in this document are forward-looking statements within the meaning of the Private Securities Litigation Reform Act 1995. For these purposes, forward-looking statements are statements relating to activities, events, conditions or developments, which the Company expects or expects may occur in the future. In some cases, forward-looking statements can be identified because they contain words such as “anticipate”, “believe”, “continue”, “may”, “judge”, “expect”, “intend”, “probably”, “may”, “May”, “plan”, “potential”, “predict”, “project”, “seek”, “must”, “goal”, “will”, “would” or similar expressions and negatives of these terms. Such forward-looking statements include risks and uncertainties that may give rise to material differences in actual events, results or performance from those stated in 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, financial market uncertainty, patterns of consumer and small business costs and debt levels, the security or confidentiality of information about members or businesses, conditions affecting the acquisition, development, ownership or use of real estate, capital expenditures, sellers’ actions, rising staff costs (usually including healthcare costs), energy and certain goods, geopolitical conditions (including tariffs and the conflict in Ukraine), 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 (inter alia) the duration of the pandemic, the unknown debt acute economic impact, reduced shopping due to illness, travel restrictions or financial difficulties, changes in product demand, reduced workforce due to illness, quarantine or government mandates, temporary closure of shops or operational restrictions due to government mandates or supply chain disruptions , capacity limitations of third party logistics service providers and other risks identified from time to time in the Company ‘s public statements and reports submitted to the Securities and Exchange Commission. The forward-looking statements relate only to the date on which they are made, and the Company does not undertake to update these forward-looking statements unless required to do so by law.
CONTACTS: | Costco Wholesale Corporation | |
COSTCO WHOLESALE CORPORATION
CONSOLIDATED INCOME STATEMENT
(dollars in millions, excluding share data)
(unaudited)
12 weeks are over | 24 weeks are over | ||||||||||||||
February 13, 2022 | February 14, 2021 | February 13, 2022 | February 14, 2021 | ||||||||||||
INCOME | |||||||||||||||
Net sales | $ | 50,937 th most common | $ | 43,888 th most common | $ | 100 354 | $ | 86,235 th most common | |||||||
Membership fee | 967 | 881 | 1,913 th most common | 1742 | |||||||||||
total income | 51,904 th most common | 44 769 | 102,267 th most common | 87,977 th most common | |||||||||||
OPERATING EXPENSES | |||||||||||||||
Costs of goods | 45,517 th most common | 39,078 th most common | 89,469 th most common | 76,536 th most common | |||||||||||
Sales, general and administrative | 4,575 th most common | 4,351 th most common | 9,293 th most common | 8,671 th most common | |||||||||||
Operating income | 1812 | 1340 | 3,505 th most common | 2770 | |||||||||||
OTHER INCOME (EXPENSES) | |||||||||||||||
Interest expense | (36 | ) | (40 | ) | (75 | ) | (79 | ) | |||||||
Interest income and others, net | 25 | 19 | 67 | 48 | |||||||||||
INCOME BEFORE TAX INCOME | 1801 | 1,319 th most common | 3,497 th most common | 2739 | |||||||||||
Provision for income taxes | 481 | 348 | 832 | 587 | |||||||||||
Net income, including non-controlling interests | 1320 | 971 | 2,665 th most common | 2,152 th most common | |||||||||||
Net income attributable to non-controlling interests | (21 | ) | (20 | ) | (42 | ) | (35 | ) | |||||||
NET INCOME ATTRIBUTED TO COSTCO | $ | 1,299 th most common | $ | 951 | $ | 2,623 th most common | $ | 2,117 th most common | |||||||
NET INCOME ON TOTAL SHARE, ATTITUDE TO COSTCO: | |||||||||||||||
Basic | $ | 2.93 | $ | 2.15 | $ | 5.91 | $ | 4.78 | |||||||
Diluted | $ | 2.92 | $ | 2.14 | $ | 5.90 | $ | 4.76 | |||||||
Titles used in the calculation (000s): | |||||||||||||||
Basic | 443,623 | 443,134 | 443,500 | 443,043 | |||||||||||
Diluted | 444,916 | 444,494 | 444,760 | 444,440 | |||||||||||
COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEET
(amounts in millions, excluding face value and share data)
(unaudited)
Subject to reclassification
February 13, 2022 | August 29, 2021 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Money and cash equivalents | $ | 11,819 th most common | $ | 11,258 th most common | |||
Short-term investments | 477 | 917 | |||||
Receivables, net | 2,232 th most common | 1803 | |||||
Inventories | 16,485 th most common | 14,215 th most common | |||||
Other current assets | 1,552 th most common | 1,312 th most common | |||||
Total current assets | 32,565 th most common | 29,505 th most common | |||||
OTHER ASSETS | |||||||
Properties and facilities, net | 24,052 th most common | 23,492 th most common | |||||
Assets eligible for operating leases | 2,840 th most common | 2890 | |||||
Other fixed assets | 3,621 th most common | 3,381 th most common | |||||
TOTAL ASSETS | $ | 63,078 th most common | $ | 59,268 th most common | |||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Obligations | $ | 17,089 th most common | $ | 16,278 th most common | |||
Accrued salaries and benefits | 4,347 th most common | 4,090 th most common | |||||
Accumulated awards for members | 1798 | 1,671 th most common | |||||
Deferred membership fee | 2,244 th most common | 2,042 th most common | |||||
Current part of long-term debt | – | 799 | |||||
Other current liabilities | 6,067 th most common | 4,561 th most common | |||||
Total current liabilities | 31,545 th most common | 29,441 th most common | |||||
OTHER OBLIGATIONS | |||||||
Long-term debt, excluding the current part | 6,658 th most common | 6,692 th most common | |||||
Long-term operating lease liabilities | 2,588 th most common | 2,642 th most common | |||||
Other long-term liabilities | 2,311 th most common | 2,415 th most common | |||||
TOTAL LIABILITIES | 43,102 th most common | 41,190 th most common | |||||
COMMITMENTS AND SERVICES | |||||||
EQUITY | |||||||
Preferred shares $ 0.01 par value; authorized 100,000,000 shares; no shares have been issued and outstanding | – | – | |||||
Ordinary shares $ 0.01 par value; 900,000,000 authorized shares; 443,279,000 and 441,825,000 issued shares | 4 | 4 | |||||
Additional paid-in capital | 7,186 th most common | 7,031 th most common | |||||
Accumulated other comprehensive losses | (1246 | ) | (1137 | ) | |||
Retained earnings | 13,474 th most common | 11,666 th most common | |||||
Total equity of Costco | 19,418 th most common | 17,564 th most common | |||||
Non-controlling interests | 558 | 514 | |||||
TOTAL OWN CAPITAL | 19 976 | 18,078 th most common | |||||
TOTAL LIABILITIES AND EQUITY | $ | 63,078 th most common | $ | 59,268 th most common | |||
