ISSAQUAH, Wash., Dec. 12, 2024 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation ("Costco” or the "Company”) (Nasdaq: COST) today announced its operating results for the first quarter of fiscal 2025 (twelve weeks), ended November 24, 2024.

Net sales for the first quarter increased 7.5 percent, to $60.99 billion from $56.72 billion last year.

Comparable sales for the first quarter fiscal 2025 were as follows:

 12 Weeks 12 Weeks
   Adjusted*
U.S.5.2% 7.2%
Canada5.8% 6.7%
Other International4.7% 7.1%
    
Total Company5.2% 7.1%
    
E-commerce13.0% 13.2%
 
*Excluding the impacts from changes in gasoline prices and foreign exchange.

Net income for the quarter was $1,798 million, $4.04 per diluted share, compared to $1,589 million, $3.58 per diluted share, last year. This year's results included a tax benefit of $100 million, $0.22 per diluted share, related to stock-based compensation. Last year's results included a tax benefit of $44 million, $0.10 per diluted share, also related to stock-based compensation.

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Costco currently operates 897 warehouses, including 617 in the United States and Puerto Rico, 109 in Canada, 41 in Mexico, 36 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five 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.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, December 12, 2024, and is available via a webcast on investor.costco.com (click "Events & Presentations”).

Certain statements contained 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 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), workforce interruptions, energy and certain commodities, geopolitical conditions (including tariffs), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to environmental and social matters, 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
  
COST-Earn

COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data) (unaudited)
 12 Weeks Ended
 November 24, 2024 November 26, 2023
REVENUE   
Net sales$60,985  $56,717 
Membership fees 1,166   1,082 
Total revenue 62,151   57,799 
OPERATING EXPENSES   
Merchandise costs 54,109   50,457 
Selling, general and administrative 5,846   5,358 
Operating income 2,196   1,984 
OTHER INCOME (EXPENSE)   
Interest expense (37)  (38)
Interest income and other, net 147   160 
INCOME BEFORE INCOME TAXES 2,306   2,106 
Provision for income taxes 508   517 
NET INCOME$1,798  $1,589 
    
NET INCOME PER COMMON SHARE:   
Basic$4.05  $3.58 
Diluted$4.04  $3.58 
    
Shares used in calculation (000s):   
Basic 443,988   443,827 
Diluted 444,891   444,403 
 

COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share data) (unaudited)
Subject to Reclassification
 November 24, 2024 September 1, 2024
ASSETS   
CURRENT ASSETS   
Cash and cash equivalents$10,907  $9,906 
Short-term investments 920   1,238 
Receivables, net 2,963   2,721 
Merchandise inventories 20,979   18,647 
Other current assets 1,754   1,734 
Total current assets 37,523   34,246 
OTHER ASSETS   
Property and equipment, net 29,336   29,032 
Operating lease right-of-use assets 2,539   2,617 
Other long-term assets 3,988   3,936 
TOTAL ASSETS$73,386  $69,831 
LIABILITIES AND EQUITY   
CURRENT LIABILITIES   
Accounts payable$21,793  $19,421 
Accrued salaries and benefits 4,785   4,794 
Accrued member rewards 2,444   2,435 
Deferred membership fees 2,683   2,501 
Other current liabilities 6,584   6,313 
Total current liabilities 38,289   35,464 
OTHER LIABILITIES   
Long-term debt, excluding current portion 5,745   5,794 
Long-term operating lease liabilities 2,288   2,375 
Other long-term liabilities 2,613   2,576 
TOTAL LIABILITIES 48,935   46,209 
COMMITMENTS AND CONTINGENCIES   
EQUITY   
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding -   - 
Common stock $0.005 par value; 900,000,000 shares authorized; 443,942,000 and 443,126,000 shares issued and outstanding 2   2 
Additional paid-in capital 7,901   7,829 
Accumulated other comprehensive loss (2,152)  (1,828)
Retained earnings 18,700   17,619 
TOTAL EQUITY 24,451   23,622 
TOTAL LIABILITIES AND EQUITY$73,386  $69,831 
 

COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in millions) (unaudited)
Subject to Reclassification
 12 Weeks Ended
 November 24, 2024 November 26, 2023
CASH FLOWS FROM OPERATING ACTIVITIES   
Net income$

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