Search

Costco Wholesale Corporation Reports Second Quarter and Year-to-Date Operating Results for Fiscal 2021 and February Sales Results - Yahoo Finance

sisilihya.blogspot.com

ISSAQUAH, Wash., March 04, 2021 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2021, ended February 14, 2021.

Net sales for the quarter increased 14.7 percent, to $43.89 billion, from $38.26 billion last year. Net sales for the first 24 weeks increased 15.8 percent, to $86.23 billion, from $74.49 billion last year.

Comparable sales for the second quarter fiscal 2021 were as follows:

12 Weeks

12 Weeks

24 Weeks

24 Weeks

Adjusted*

Adjusted*

U.S.

11.4%

12.6%

13.0%

14.7%

Canada

13.4%

10.6%

14.8%

13.6%

Other International

21.5%

17.7%

20.2%

17.7%

Total Company

13.0%

12.9%

14.2%

15.0%

E-commerce

75.8%

74.8%

80.4%

79.7%

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

Net income for the quarter was $951 million, or $2.14 per diluted share, which includes $246 million pretax, or $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Last year’s second quarter net income was $931 million, or $2.10 per diluted share. Net income for the first 24 weeks was $2.12 billion, or $4.76 per diluted share, compared to $1.77 billion, or $4.00 per diluted share, last year.

For the four-week reporting month of February, ended February 28, 2021, the Company reported net sales of $14.05 billion, an increase of 15.2 percent from $12.20 billion last year. For the twenty-six week period ended February 28, 2021, net sales were $93.16 billion, an increase of 15.4 percent from $80.76 billion last year.

Comparable sales for the February and year-to-date periods ended February 28, 2021, were as follows:

4 Weeks

4 Weeks

26 Weeks

26 Weeks

Adjusted*

Adjusted*

U.S.

10.3%

10.3%

12.4%

14.0%

Canada

21.6%

15.7%

15.0%

13.5%

Other International

25.7%

20.6%

20.0%

17.2%

Total Company

13.8%

12.3%

13.8%

14.3%

E-commerce

91.1%

89.4%

81.0%

80.3%

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

Costco currently operates 804 warehouses, including 558 in the United States and Puerto Rico, 103 in Canada, 39 in Mexico, 29 in the United Kingdom, 27 in Japan, 16 in Korea, 14 in Taiwan, 12 in Australia, three in Spain, and one each in Iceland, France, and China. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, March 4, 2021, and is available via a webcast on www.costco.com (click on Investor Relations and “Play Webcast”).

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, 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), the ability to maintain effective internal control over financial reporting, 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 away from discretionary or higher-priced products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures due to reduced workforces or 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

COSTCO WHOLESALE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data)

(unaudited)

12 Weeks Ended

24 Weeks Ended

February 14, 2021

February 16, 2020

February 14, 2021

February 16, 2020

REVENUE

Net sales

$

43,888

$

38,256

$

86,235

$

74,492

Membership fees

881

816

1,742

1,620

Total revenue

44,769

39,072

87,977

76,112

OPERATING EXPENSES

Merchandise costs

39,078

34,056

76,536

66,289

Selling, general and administrative

4,342

3,743

8,640

7,475

Preopening expenses

9

7

31

21

Operating income

1,340

1,266

2,770

2,327

OTHER INCOME (EXPENSE)

Interest expense

(40

)

(34

)

(79

)

(72

)

Interest income and other, net

19

45

48

80

INCOME BEFORE INCOME TAXES

1,319

1,277

2,739

2,335

Provision for income taxes

348

330

587

532

Net income including noncontrolling interests

971

947

2,152

1,803

Net income attributable to noncontrolling interests

(20

)

(16

)

(35

)

(28

)

NET INCOME ATTRIBUTABLE TO COSTCO

$

951

$

931

$

2,117

$

1,775

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:

Basic

$

2.15

$

2.10

$

4.78

$

4.02

Diluted

$

2.14

$

2.10

$

4.76

$

4.00

Shares used in calculation (000s):

Basic

443,134

442,021

443,043

441,920

Diluted

444,494

443,727

444,440

443,704

COSTCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

(amounts in millions, except par value and share data)

(unaudited)

Subject to Reclassification

February 14, 2021

August 30, 2020

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

8,637

$

12,277

Short-term investments

617

1,028

Receivables, net

1,934

1,550

Merchandise inventories

13,865

12,242

Other current assets

1,255

1,023

Total current assets

26,308

28,120

OTHER ASSETS

Property and equipment, net

22,531

21,807

Operating lease right-of-use assets

2,887

2,788

Other long-term assets

3,192

2,841

TOTAL ASSETS

$

54,918

$

55,556

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable

$

14,383

$

14,172

Accrued salaries and benefits

4,132

3,605

Accrued member rewards

1,541

1,393

Deferred membership fees

2,048

1,851

Current portion of long-term debt

95

95

Other current liabilities

4,365

3,728

Total current liabilities

26,564

24,844

OTHER LIABILITIES

Long-term debt, excluding current portion

7,522

7,514

Long-term operating lease liabilities

2,651

2,558

Other long-term liabilities

2,052

1,935

TOTAL LIABILITIES

38,789

36,851

COMMITMENTS AND CONTINGENCIES

EQUITY

Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding

Common stock $0.01 par value; 900,000,000 shares authorized; 442,654,000 and 441,255,000 shares issued and outstanding

4

4

Additional paid-in capital

6,843

6,698

Accumulated other comprehensive loss

(961

)

(1,297

)

Retained earnings

9,766

12,879

Total Costco stockholders’ equity

15,652

18,284

Noncontrolling interests

477

421

TOTAL EQUITY

16,129

18,705

TOTAL LIABILITIES AND EQUITY

$

54,918

$

55,556

Let's block ads! (Why?)



"results" - Google News
March 05, 2021 at 04:15AM
https://ift.tt/38f01Ki

Costco Wholesale Corporation Reports Second Quarter and Year-to-Date Operating Results for Fiscal 2021 and February Sales Results - Yahoo Finance
"results" - Google News
https://ift.tt/2SvRPxx
https://ift.tt/2Wp5bNh

Bagikan Berita Ini

0 Response to "Costco Wholesale Corporation Reports Second Quarter and Year-to-Date Operating Results for Fiscal 2021 and February Sales Results - Yahoo Finance"

Post a Comment


Powered by Blogger.