Costco Wholesale Corporation Reports June Sales Results and Announces Quarterly Cash Dividend and Plans for Membership Fee Increase
Costco Wholesale (Nasdaq: COST) reported net sales of $24.48 billion for June, marking a 7.4% increase year-over-year, and net sales of $210.55 billion for the first 44 weeks, up 6.9% from last year. Comparable sales for 5 weeks were up 5.3% and 5.4% for 44 weeks. E-commerce sales saw significant growth, with an 18.4% increase over five weeks and 15.2% for 44 weeks.
Costco's Board of Directors declared a quarterly cash dividend of $1.16 per share, payable on August 9, 2024, to shareholders of record as of July 26, 2024. Additionally, Costco will increase membership fees effective September 1, 2024: U.S. and Canada Gold Star and Business memberships will go up by $5 annually to $65, while Executive Memberships will rise from $120 to $130. This fee hike will affect about 52 million memberships.
Costco operates 882 warehouses globally and several e-commerce sites across different countries.
- Net sales increased by 7.4% in June to $24.48 billion.
- Net sales for the first 44 weeks increased by 6.9% to $210.55 billion.
- E-commerce sales showed significant growth, up 18.4% in the last 5 weeks.
- Quarterly cash dividend of $1.16 per share announced, payable on August 9, 2024.
- Membership fee increases will impact 52 million memberships, potentially boosting revenue.
- Annual membership fee increase may lead to customer dissatisfaction or cancellations.
ISSAQUAH, Wash., July 10, 2024 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of
Net sales for the first 44 weeks were
Comparable sales were as follows:
5 Weeks | 44 Weeks | ||
U.S. | |||
Canada | |||
Other International | |||
Total Company | |||
E-commerce | |||
Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were as follows:
5 Weeks | 44 Weeks | ||
U.S. | |||
Canada | |||
Other International | |||
Total Company | |||
E-commerce | |||
Additional discussion of these results is available in a pre-recorded message. It can be accessed by visiting investor.costco.com (click on “Events & Presentations”). This message will be available through 4:00 p.m. (PT) on Wednesday, July 17, 2024.
The Company also announced today that its Board of Directors has declared a quarterly cash dividend on Costco common stock of
The Company also announced that, effective September 1, 2024, it will increase annual membership fees by
Costco currently operates 882 warehouses, including 609 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, seven in China, four in Spain, 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.
Certain statements contained in this document and the pre-recorded 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 and wages), energy and certain commodities, geopolitical conditions (including tariffs), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to climate change, public-health related factors, 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. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.
CONTACTS: | Costco Wholesale Corporation David Sherwood, 425/313-8239 Josh Dahmen, 425/313-8254 Andrew Yoon, 425/313-6305 |
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