Costco Wholesale Corporation Reports August Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (Nasdaq: COST) reported a strong financial performance for August 2022, with net sales of $17.55 billion, marking an 11.4% increase from the previous year. For the fourth quarter, net sales reached $70.8 billion, a growth of 15.3% year-over-year. The company also posted a total annual sales figure of $222.7 billion, reflecting a 15.9% increase compared to last year. Comparable sales showed robust growth across regions, with notable gains in the U.S. and Canada, indicating strong consumer demand.

Positive

• Net sales for August 2022 reached $17.55 billion, a 11.4% increase from the prior year.
• Fourth quarter net sales were $70.8 billion, reflecting a 15.3% year-over-year growth.
• Total annual net sales rose to $222.7 billion, marking a 15.9% increase from the previous fiscal year.
• Comparable sales growth was strong across regions: U.S. sales increased by 11.0%, Canada by 11.6%, and international by 3.4%.

Negative

• None.

ISSAQUAH, Wash., Aug. 31, 2022 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $17.55 billion for the retail month of August, the four weeks ended August 28, 2022, an increase of 11.4 percent from $15.75 billion last year.

For the 16-week fourth quarter ended August 28, 2022, the Company reported net sales of $70.8 billion, an increase of 15.3 percent from $61.4 billion during the similar period last year.

For the 52-week fiscal year ended August 28, 2022 the Company reported net sales of $222.7 billion, an increase of 15.9 percent from $192.1 billion during the similar period last year.

Comparable sales were as follows:

	4 Weeks		16 Weeks		52 Weeks
	Retail Month		Fourth Quarter		Fiscal Year
U.S.	11.0%		15.8%		15.8%
Canada	11.6%		13.4%		15.2%
Other International	3.4%		2.9%		6.6%
Total Company	10.1%		13.7%		14.4%
E-commerce	3.9%		7.1%		10.1%

Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were as follows:

	4 Weeks		16 Weeks		52 Weeks
	Retail Month		Fourth Quarter		Fiscal Year
U.S.	7.6%		9.6%		10.4%
Canada	11.7%		13.7%		12.1%
Other International	12.5%		11.3%		10.2%
Total Company	8.7%		10.4%		10.6%
E-commerce	4.8%		8.4%		10.4%

Additional discussion of these results is available in a pre-recorded telephone message. It can be accessed by dialing 1-877-913-1673. This message will be available through 5:00 p.m. (PT) on Wednesday, September 7, 2022.

Costco currently operates 838 warehouses, including 578 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 17 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

Certain statements contained in this document and the pre-recorded telephone message 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 the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by 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, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs), energy and certain commodities, geopolitical conditions (including tariffs and the Ukraine conflict), 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 (among others) the duration of the pandemic, the unknown long-term economic impact, reduced shopping due to illness, travel restrictions or financial hardship, shifts in demand for products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures or operational limitations due to government mandates, or supply-chain disruptions, capacity constraints of third-party logistics suppliers, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law.

CONTACTS:

Costco Wholesale Corporation Richard Galanti, 425/313-8203 Bob Nelson, 425/313-8255 David Sherwood, 425/313-8239 Josh Dahmen, 425/313-8254

FAQ

What were Costco's net sales for August 2022?

Costco's net sales for August 2022 were $17.55 billion, an increase of 11.4% from the previous year.

How did Costco perform in the fourth quarter of 2022?

In the fourth quarter of 2022, Costco reported net sales of $70.8 billion, which was a 15.3% increase compared to the same quarter last year.

What were the total net sales for Costco's fiscal year 2022?

For the fiscal year 2022, Costco reported total net sales of $222.7 billion, a 15.9% increase from the prior year.

What are the comparable sales growth rates for Costco?

In August 2022, comparable sales grew by 11.0% in the U.S., 11.6% in Canada, and 3.4% in Other International regions.