Costco Wholesale Corporation Reports May Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) reported net sales of $18.23 billion for May 2022, a 16.9% increase from the previous year. For the 39 weeks ending May 29, 2022, net sales reached $165.56 billion, up 16.5% year-over-year. Comparable sales growth was robust, with U.S. sales increasing 17.5% and Canadian sales 17.4% for the month. However, international sales lagged, with only 2.6% growth in other international markets. The company operates 830 warehouses globally, enhancing its market presence.

Positive

• May 2022 net sales increased by 16.9% to $18.23 billion.
• Year-to-date sales rose 16.5% to $165.56 billion.
• U.S. comparable sales up 17.5% for May.
• Canadian comparable sales increased 17.4% for May.
• Total company comparable sales growth at 15.5% for the month.

Negative

• International sales growth was only 2.6%, indicating weaker performance in those markets.

ISSAQUAH, Wash., June 02, 2022 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $18.23 billion for the retail month of May, the four weeks ended May 29, 2022, an increase of 16.9 percent from $15.59 billion last year.

For the thirty-nine weeks ended May 29, 2022, the Company reported net sales of $165.56 billion, an increase of 16.5 percent from $142.17 billion during the similar period last year.

Comparable sales were as follows:

		4 Weeks		39 Weeks
	U.S.	17.5%		16.0%
	Canada	17.4%		16.2%
	Other International	2.6%		7.8%
	Total Company	15.5%		14.9%
	E-commerce	6.3%		11.1%

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

		4 Weeks		39 Weeks
	U.S.	10.7%		10.7%
	Canada	19.5%		11.9%
	Other International	10.1%		9.6%
	Total Company	11.8%		10.7%
	E-commerce	7.7%		11.1%

Additional discussion of these results is available in a pre-recorded telephone message. It can be accessed by dialing 1-888-713-6157. This message will be available through 5:00 p.m. (PT) on Thursday, June 9, 2022.

Costco currently operates 830 warehouses, including 574 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 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 May 2022?

Costco reported net sales of $18.23 billion for May 2022.

How much did Costco's sales increase in 2022 compared to last year?

Sales increased by 16.9% from the previous year in May.

What was the comparable sales growth for U.S. Costco stores in May 2022?

Comparable sales for U.S. stores grew by 17.5% in May 2022.

What are the year-to-date net sales figures for Costco?

For the 39 weeks ending May 29, 2022, Costco reported net sales of $165.56 billion.

How many warehouses does Costco operate globally?

Costco operates 830 warehouses worldwide, including 574 in the U.S. and Puerto Rico.