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| Washington | 0-20355 | 91-1223280 | ||||||||||||
| (State or other jurisdiction of incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
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| ☐ | 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: September 26, 2023 | By: | /s/ Richard A. Galanti | |||||||||
| Richard A. Galanti | |||||||||||
| Executive Vice President, Chief Financial Officer and Director | |||||||||||
| 17 Weeks | 17 Weeks | 53 Weeks | 53 Weeks | ||||||||||||||||||||
| Adjusted* | Adjusted* | ||||||||||||||||||||||
| U.S. | 0.2% | 3.1% | 3.3% | 4.2% | |||||||||||||||||||
| Canada | 1.8% | 7.4% | 1.7% | 8.1% | |||||||||||||||||||
| Other International | 5.5% | 4.4% | 2.8% | 7.6% | |||||||||||||||||||
| Total Company | 1.1% | 3.8% | 3.0% | 5.2% | |||||||||||||||||||
| E-commerce | -0.8% | -0.6% | -5.7% | -4.8% | |||||||||||||||||||
| 17 Weeks Ended | 16 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||||||||||||
| September 3, 2023 |
August 28, 2022 |
September 3, 2023 |
August 28, 2022 |
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| REVENUE | |||||||||||||||||||||||
| Net sales | $ | 77,430 | $ | 70,764 | $ | 237,710 | $ | 222,730 | |||||||||||||||
| Membership fees | 1,509 | 1,327 | 4,580 | 4,224 | |||||||||||||||||||
| Total revenue | 78,939 | 72,091 | 242,290 | 226,954 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Merchandise costs | 69,219 | 63,558 | 212,586 | 199,382 | |||||||||||||||||||
| Selling, general and administrative | 6,939 | 6,036 | 21,590 | 19,779 | |||||||||||||||||||
| Operating income | 2,781 | 2,497 | 8,114 | 7,793 | |||||||||||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||||||||
| Interest expense | (56) | (48) | (160) | (158) | |||||||||||||||||||
| Interest income and other, net | 238 | 67 | 533 | 205 | |||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 2,963 | 2,516 | 8,487 | 7,840 | |||||||||||||||||||
| Provision for income taxes | 803 | 638 | 2,195 | 1,925 | |||||||||||||||||||
| Net income including noncontrolling interests | 2,160 | 1,878 | 6,292 | 5,915 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | — | (10) | — | (71) | |||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO COSTCO | $ | 2,160 | $ | 1,868 | $ | 6,292 | $ | 5,844 | |||||||||||||||
| NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: | |||||||||||||||||||||||
| Basic | $ | 4.87 | $ | 4.21 | $ | 14.18 | $ | 13.17 | |||||||||||||||
| Diluted | $ | 4.86 | $ | 4.20 | $ | 14.16 | $ | 13.14 | |||||||||||||||
| Shares used in calculation (000's): | |||||||||||||||||||||||
| Basic | 443,876 | 443,839 | 443,854 | 443,651 | |||||||||||||||||||
| Diluted | 444,445 | 444,655 | 444,452 | 444,757 | |||||||||||||||||||
| September 3, 2023 |
August 28, 2022 |
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| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents | $ | 13,700 | $ | 10,203 | |||||||
| Short-term investments | 1,534 | 846 | |||||||||
| Receivables, net | 2,285 | 2,241 | |||||||||
| Merchandise inventories | 16,651 | 17,907 | |||||||||
| Other current assets | 1,709 | 1,499 | |||||||||
| Total current assets | 35,879 | 32,696 | |||||||||
| OTHER ASSETS | |||||||||||
| Property and equipment, net | 26,684 | 24,646 | |||||||||
| Operating lease right-of-use assets | 2,713 | 2,774 | |||||||||
| Other long-term assets | 3,718 | 4,050 | |||||||||
| TOTAL ASSETS | $ | 68,994 | $ | 64,166 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Accounts payable | $ | 17,483 | $ | 17,848 | |||||||
| Accrued salaries and benefits | 4,278 | 4,381 | |||||||||
| Accrued member rewards | 2,150 | 1,911 | |||||||||
| Deferred membership fees | 2,337 | 2,174 | |||||||||
| Current portion of long-term debt | 1,081 | 73 | |||||||||
| Other current liabilities | 6,254 | 5,611 | |||||||||
| Total current liabilities | 33,583 | 31,998 | |||||||||
| OTHER LIABILITIES | |||||||||||
| Long-term debt, excluding current portion | 5,377 | 6,484 | |||||||||
| Long-term operating lease liabilities | 2,426 | 2,482 | |||||||||
| Other long-term liabilities | 2,550 | 2,555 | |||||||||
| TOTAL LIABILITIES | 43,936 | 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; 442,793,000 and 442,664,000 shares issued and outstanding | 2 | 2 | |||||||||
| Additional paid-in capital | 7,340 | 6,884 | |||||||||
| Accumulated other comprehensive loss | (1,805) | (1,829) | |||||||||
| Retained earnings | 19,521 | 15,585 | |||||||||
| Total Costco stockholders’ equity | 25,058 | 20,642 | |||||||||
| Noncontrolling interests | — | 5 | |||||||||
| TOTAL EQUITY | 25,058 | 20,647 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 68,994 | $ | 64,166 | |||||||
| 53 Weeks Ended | 52 Weeks Ended | ||||||||||
| September 3, 2023 |
August 28, 2022 |
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| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net income including noncontrolling interests | $ | 6,292 | $ | 5,915 | |||||||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: |
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| Depreciation and amortization | 2,077 | 1,900 | |||||||||
| Non-cash lease expense | 412 | 377 | |||||||||
| Stock-based compensation | 774 | 724 | |||||||||
| Other non-cash operating activities, net | 495 | 39 | |||||||||
Changes in working capital |
1,018 | (1,563) | |||||||||
| Net cash provided by operating activities | 11,068 | 7,392 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Purchases of short-term investments | (1,622) | (1,121) | |||||||||
| Maturities and sales of short-term investments | 937 | 1,145 | |||||||||
| Additions to property and equipment | (4,323) | (3,891) | |||||||||
| Other investing activities, net | 36 | (48) | |||||||||
| Net cash used in investing activities | (4,972) | (3,915) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Repayments of short-term borrowings | (935) | (6) | |||||||||
| Proceeds from short-term borrowings | 917 | 53 | |||||||||
| Repayments of long-term debt | (75) | (800) | |||||||||
| Tax withholdings on stock-based awards | (303) | (363) | |||||||||
| Repurchases of common stock | (676) | (439) | |||||||||
| Cash dividend payments | (1,251) | (1,498) | |||||||||
| Financing lease payments | (291) | (176) | |||||||||
| Dividend to noncontrolling interest | — | (208) | |||||||||
| Acquisition of noncontrolling interest | — | (842) | |||||||||
| Other financing activities, net | — | (4) | |||||||||
| Net cash used in financing activities | (2,614) | (4,283) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
15 | (249) | |||||||||
| Net change in cash and cash equivalents | 3,497 | (1,055) | |||||||||
| CASH AND CASH EQUIVALENTS BEGINNING OF YEAR | 10,203 | 11,258 | |||||||||
| CASH AND CASH EQUIVALENTS END OF YEAR | $ | 13,700 | $ | 10,203 | |||||||