Washington | 0-20355 | 91-1223280 | ||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
☐ | 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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $.005 per share | COST | NASDAQ |
COSTCO WHOLESALE CORPORATION | |||||||||||
Dated: May 25, 2023 | By: | /s/ Richard A. Galanti | |||||||||
Richard A. Galanti | |||||||||||
Executive Vice President, Chief Financial Officer and Director |
12 Weeks | 12 Weeks | 36 Weeks | 36 Weeks | ||||||||||||||||||||
Adjusted* | Adjusted* | ||||||||||||||||||||||
U.S. | -0.1% | 1.8% | 4.9% | 4.7% | |||||||||||||||||||
Canada | -1.0% | 7.4% | 1.6% | 8.4% | |||||||||||||||||||
Other International | 4.1% | 8.4% | 1.6% | 9.0% | |||||||||||||||||||
Total Company | 0.3% | 3.5% | 4.0% | 5.8% | |||||||||||||||||||
E-commerce | -10.0% | -9.0% | -7.8% | -6.6% |
12 Weeks Ended | 36 Weeks Ended | ||||||||||||||||||||||
May 7, 2023 |
May 8, 2022 |
May 7, 2023 |
May 8, 2022 |
||||||||||||||||||||
REVENUE | |||||||||||||||||||||||
Net sales | $ | 52,604 | $ | 51,612 | $ | 160,280 | $ | 151,966 | |||||||||||||||
Membership fees | 1,044 | 984 | 3,071 | 2,897 | |||||||||||||||||||
Total revenue | 53,648 | 52,596 | 163,351 | 154,863 | |||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Merchandise costs | 47,175 | 46,355 | 143,367 | 135,824 | |||||||||||||||||||
Selling, general and administrative | 4,794 | 4,450 | 14,651 | 13,743 | |||||||||||||||||||
Operating income | 1,679 | 1,791 | 5,333 | 5,296 | |||||||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||||||
Interest expense | (36) | (35) | (104) | (110) | |||||||||||||||||||
Interest income and other, net | 128 | 71 | 295 | 138 | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,771 | 1,827 | 5,524 | 5,324 | |||||||||||||||||||
Provision for income taxes | 469 | 455 | 1,392 | 1,287 | |||||||||||||||||||
Net income including noncontrolling interests | 1,302 | 1,372 | 4,132 | 4,037 | |||||||||||||||||||
Net income attributable to noncontrolling interests | — | (19) | — | (61) | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO COSTCO | $ | 1,302 | $ | 1,353 | $ | 4,132 | $ | 3,976 | |||||||||||||||
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: | |||||||||||||||||||||||
Basic | $ | 2.94 | $ | 3.05 | $ | 9.31 | $ | 8.96 | |||||||||||||||
Diluted | $ | 2.93 | $ | 3.04 | $ | 9.30 | $ | 8.94 | |||||||||||||||
Shares used in calculation (000s): | |||||||||||||||||||||||
Basic | 443,814 | 443,700 | 443,843 | 443,567 | |||||||||||||||||||
Diluted | 444,360 | 444,886 | 444,455 | 444,802 |
May 7, 2023 |
August 28, 2022 |
||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 12,493 | $ | 10,203 | |||||||
Short-term investments | 1,215 | 846 | |||||||||
Receivables, net | 2,502 | 2,241 | |||||||||
Merchandise inventories | 16,324 | 17,907 | |||||||||
Other current assets | 1,755 | 1,499 | |||||||||
Total current assets | 34,289 | 32,696 | |||||||||
OTHER ASSETS | |||||||||||
Property and equipment, net | 25,931 | 24,646 | |||||||||
Operating lease right-of-use assets | 2,806 | 2,774 | |||||||||
Other long-term assets | 3,726 | 4,050 | |||||||||
TOTAL ASSETS | $ | 66,752 | $ | 64,166 | |||||||
LIABILITIES AND EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | 16,853 | $ | 17,848 | |||||||
Accrued salaries and benefits | 4,117 | 4,381 | |||||||||
Accrued member rewards | 2,076 | 1,911 | |||||||||
Deferred membership fees | 2,436 | 2,174 | |||||||||
Current portion of long-term debt | — | 73 | |||||||||
Other current liabilities | 6,226 | 5,611 | |||||||||
Total current liabilities | 31,708 | 31,998 | |||||||||
OTHER LIABILITIES | |||||||||||
Long-term debt, excluding current portion | 6,497 | 6,484 | |||||||||
Long-term operating lease liabilities | 2,507 | 2,482 | |||||||||
Other long-term liabilities | 2,467 | 2,555 | |||||||||
TOTAL LIABILITIES | 43,179 | 43,519 | |||||||||
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; 443,222,000 and 442,664,000 shares issued and outstanding | 2 | 2 | |||||||||
Additional paid-in capital | 7,211 | 6,884 | |||||||||
Accumulated other comprehensive loss | (1,680) | (1,829) | |||||||||
Retained earnings | 18,035 | 15,585 | |||||||||
Total Costco stockholders’ equity | 23,568 | 20,642 | |||||||||
Noncontrolling interests | 5 | 5 | |||||||||
TOTAL EQUITY | 23,573 | 20,647 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 66,752 | $ | 64,166 |