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Costco Reports On Q2 Trading

Costco sign Manuel Esteban shutterstock.com 1395864203

Costco Wholesale Corporation today announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2023, ended February 12, 2023.

Net sales for the quarter increased 6.5 percent, to $54.24 billion, from $50.94 billion last year. Net sales for the first 24 weeks increased 7.3 percent, to $107.68 billion, from $100.35 billion last year.

Comparable sales for the second quarter and first 24 weeks of fiscal 2023 were as follows:

  12 Weeks 12 Weeks 24 Weeks 24 Weeks 
    Adjusted*   Adjusted* 
 U.S.5.7% 5.8% 7.5% 6.2% 
 Canada3.5% 9.6% 2.9% 8.9% 
 Other International3.8% 9.5% 0.4% 9.3% 
          
 Total Company5.2% 6.8% 5.9% 7.0% 
          
 E-commerce-9.6% -8.7% -6.8% -5.5% 

*Excluding the impacts from changes in gasoline prices and foreign exchange.

Net income for the quarter was $1,466 million, $3.30 per diluted share. Last year’s second quarter net income was $1,299 million, $2.92 per diluted share. Net income for the first 24 weeks was $2.83 billion, or $6.37 per diluted share, compared to $2.62 billion, $5.90 per diluted share, last year.

For the four-week reporting month of February, ended February 26, 2023, the Company reported net sales of $17.06 billion, an increase of 4.7 percent from $16.29 billion last year. Lunar New Year/Chinese New Year occurred on January 22, 10 days earlier this year. The shift positively impacted February’s Other International and Total Company sales by approximately 2% and 0.25%, respectively. For the twenty-six week period ended February 26, 2023, net sales were $116.06 billion, an increase of 7.1 percent from $108.39 billion last year.

Comparable sales for the February and year-to-date periods ended February 26, 2023, were as follows:

  4 Weeks 4 Weeks 26 Weeks 26 Weeks 
    Adjusted*   Adjusted* 
 U.S.3.4% 3.5% 7.1% 6.0% 
 Canada1.2% 7.3% 2.7% 8.8% 
 Other International6.5% 11.5% 0.7% 9.4% 
          
 Total Company3.5% 5.0% 5.6% 6.8% 
          
 E-commerce-11.2% -10.3% -7.0% -5.7% 

*Excluding the impacts from changes in gasoline prices and foreign exchange.

Costco currently operates 848 warehouses, including 584 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 18 in Korea, 14 in Taiwan, 14 in Australia, four in Spain, two each in France and China, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

Source : Costco Wholesale Corporation

Image : Manuel Esteban / shutterstock.com (1395864203)

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06 March 2023

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