Press release
Costco Wholesale Corporation Reports Third Quarter and Year-to-Date Operating Results for Fiscal 2023
ISSAQUAH, Wash., May 25, 2023 (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., May 25, 2023 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the third quarter (twelve weeks) and the first 36 weeks of fiscal 2023, ended May 7, 2023. Net sales for the quarter increased 1.9 percent, to $52.60 billion, from $51.61 billion last year. Net sales for the first 36 weeks increased 5.5 percent, to $160.28 billion, from $151.97 billion last year. Comparable sales for the third quarter and first 36 weeks of fiscal 2023 were as follows: 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 International4.1% 8.4% 1.6% 9.0% Total Company0.3% 3.5% 4.0% 5.8% E-commerce-10.0% -9.0% -7.8% -6.6% *Excluding the impacts from changes in gasoline prices and foreign exchange. Net income for the quarter was $1.30 billion, $2.93 per diluted share, which includes a non-recurring charge to merchandise costs of $298 million pretax, $0.50 per diluted share, primarily for the discontinuation of our charter shipping activities. Last year’s third quarter net income was $1.35 billion, $3.04 per diluted share, which included a non-recurring $77 million pretax charge, $0.13 per diluted share, for incremental employee benefits. Net income for the first 36 weeks was $4.13 billion, $9.30 per diluted share, compared to $3.98 billion, $8.94 per diluted share, last year. Costco currently operates 853 warehouses, including 587 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 32 in Japan, 29 in the United Kingdom, 18 in Korea, 14 in Taiwan, 14 in Australia, four in Spain, three in China, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia. A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, May 25, 2023, and is available via a webcast on investor.costco.com (click on “Events & Presentations”). 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 th...