Press release
Costco Wholesale Corporation Reports Second Quarter and Year-to-Date Operating Results for Fiscal 2020 and February Sales Results
ISSAQUAH, Wash., March 05, 2020 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating
About this update from Costco Wholesale Corporation
[{"type":"text","content":"ISSAQUAH, Wash., March 05, 2020 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2020, ended February 16, 2020.\n Net sales for the quarter increased 10.5 percent, to $38.26 billion from $34.63 billion last year. Net sales for the first 24 weeks increased 8.1 percent, to $74.49 billion from $68.94 billion last year. Comparable sales for the second quarter fiscal 2020 were as follows: 12 Weeks 12 Weeks 24 Weeks 24 Weeks Adjusted* Adjusted* U.S.9.1% 8.1% 7.0% 6.6% Canada8.9% 6.8% 5.8% 5.9% Other International7.9% 7.1% 5.5% 5.8% Total Company8.9% 7.9% 6.6% 6.5% E-commerce28.4% 28.0% 17.4% 17.3% *Excluding the impacts from changes in gasoline prices and foreign exchange. Due to Thanksgiving occurring a week later this year, for the quarter: total and comparable sales were positively impacted by approximately one-half percent; and e-commerce sales were positively impacted by an estimated 11 percentage points. Reported net income for the quarter was $931 million, or $2.10 per diluted share, compared to $889 million, or $2.01 per diluted share, last year. Net income for the first 24 weeks was $1.77 billion, or $4.00 per diluted share, compared to $1.66 billion, or $3.74 per diluted share, last year. For the four-week reporting month of February, ended March 1, 2020, the Company reported net sales of $12.20 billion, an increase of 13.8 percent from $10.72 billion last year. For the twenty-six week period ended March 1, 2020, net sales were $80.76 billion, an increase of 8.5 percent from $74.42 billion last year. Comparable sales for the February and year-to-date periods ended March 1, 2020, were as follows: 4 Weeks 4 Weeks 26 Weeks 26 Weeks Adjusted* Adjusted* U.S.12.4% 11.6% 7.5% 7.1% Canada10.2% 10.4% 6.2% 6.3% Other International12.5% 13.5% 6.1% 6.5% Total Company12.1% 11.7% 7.2% 7.0% E-commerce22.6% 22.7% 17.9% 17.9% *Excluding the impacts from changes in gasoline prices and foreign exchange. February sales benefited from an uptick in consumer demand in the fourth week of the reporting period. We attribute this to concerns over the Coronavirus and estimate the positive impact on total and comparable sales to be approximately three percent. Costco currently operates 785 warehouses, in...