Costco Wholesale Corporation Announces Fourth Quarter and Fiscal Year 2021 Operating Results | news

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ISSAQUAH, Wash., Sept. 23, 2021 (GLOBE NEWSWIRE) – Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the 16-week fourth quarter and 52-week of December Fiscal year that ended on 08/29/2021.

Net sales rose 17.5 percent for the quarter to $ 61.44 billion from $ 52.28 billion a year ago. Net sales for the fiscal year rose 17.7 percent to $ 192.05 billion from $ 163.22 billion a year ago.

The comparable sales for the fourth quarter and the financial year were as follows:

* Excluding the effects of changes in gasoline prices and exchange rates.

Net income for the fourth quarter was $ 1.670 billion, or $ 3.76 per diluted share, compared to $ 1.389 billion or $ 3.13 a year ago. This year’s fourth quarter was negatively impacted by a $ 84 million pre-tax write-down of certain IT assets ($ 0.14 per diluted share). The fourth quarter of last year was offset by additional spending related to COVID-19 bonus wages and sanitation costs of $ 281 million in debt, partially offset by a pre-tax benefit of $ 84 million ($ 0.15 per diluted share) for the partial release of a reserve in connection with a product tax assessment carried out in the 2019 financial year.

Net income for the fiscal year was $ 5.01 billion, or $ 11.27 per diluted share, compared to $ 4.00 billion, or $ 9.02 per diluted share, last year.

Costco currently operates 817 warehouses, including 565 in the US and Puerto Rico, 105 in Canada, 39 in Mexico, 30 in Japan, 29 in the UK, 16 in Korea, 14 in Taiwan, 13 in Australia, three in Spain, and one each in Iceland, France and China. Costco also operates e-commerce sites in the US, Canada, UK, Mexico, Korea, Taiwan, Japan, and Australia.

A conference call to discuss these results is scheduled for today, September 23, 2021 at 2:00 p.m. PT and is available via webcast at www.costco.com (click Investor Relations and “Play Webcast”).

Certain statements 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 relate to activities, events, conditions or developments that the company expects or expects to occur in the future. In some cases, forward-looking statements can be identified because they contain words such as “anticipate”, “believe”, “further”, “may”, “estimate”, “expect”, “intend”, “likely”, “could” ” , “Could”, “plan”, “potentially”, “predict”, “project”, “aim”, “should”, “aim”, “will”, “would” or similar expressions and the negatives of these terms. Such forward-looking statements involve risks and uncertainties that could cause actual events, results or performance to differ materially from those expressed in these statements. These risks and uncertainties include, among other things, national and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer behavior and the level of indebtedness of consumers and small businesses, violations of the security or data protection of members – or business information, conditions affecting the acquisition, development, ownership or use of real estate, investments, actions of sellers, rising costs related to employees (generally including healthcare costs), energy and certain raw materials, geopolitical conditions (including Tariffs), the ability to maintain effective internal control over financial reporting, COVID-19-related factors and challenges including (among other things) the duration of the pandemic, unknown long-term economies liability effects, reduced purchases due to illnesses, travel restrictions or financial bottlenecks, shifts in demand for products, staff reductions due to content, quarantine or official orders, temporary shop closings or operational restrictions due to official orders or interruptions in the supply chain, capacity bottlenecks from third-party logistics providers and other risks identified from time to time in the company’s public statements and reports with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made and the company undertakes no obligation to update these statements unless required by law.

COSTCO WHOLESALE CORPORATION CONSOLIDATED INCOME STATEMENT (in millions of dollars, excluding data per share) (unaudited)

COSTCO WHOLESALE CORPORATION CONSOLIDATED BALANCE SHEETS (amounts in millions, excluding par and stock dates) (unaudited)

Subject to reclassification

Copyright 2021 GlobeNewswire, Inc.


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