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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Costco Wholesale Corporation | NASDAQ:COST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
8.00 | 1.11% | 730.22 | 730.51 | 732.33 | 734.40 | 720.63 | 724.75 | 1,849,236 | 00:54:12 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Washington
|
|
91-1223280
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
|
Trading symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $.01 Par Value
|
|
COST
|
|
The NASDAQ Global Select Market
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
|
|
Page
|
PART I
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
PART II
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
REVENUE
|
|
|
|
||||
Net sales
|
$
|
36,236
|
|
|
$
|
34,311
|
|
Membership fees
|
804
|
|
|
758
|
|
||
Total revenue
|
37,040
|
|
|
35,069
|
|
||
OPERATING EXPENSES
|
|
|
|
||||
Merchandise costs
|
32,233
|
|
|
30,623
|
|
||
Selling, general and administrative
|
3,732
|
|
|
3,475
|
|
||
Preopening expenses
|
14
|
|
|
22
|
|
||
Operating income
|
1,061
|
|
|
949
|
|
||
OTHER INCOME (EXPENSE)
|
|
|
|
||||
Interest expense
|
(38
|
)
|
|
(36
|
)
|
||
Interest income and other, net
|
35
|
|
|
22
|
|
||
INCOME BEFORE INCOME TAXES
|
1,058
|
|
|
935
|
|
||
Provision for income taxes
|
202
|
|
|
158
|
|
||
Net income including noncontrolling interests
|
856
|
|
|
777
|
|
||
Net income attributable to noncontrolling interests
|
(12
|
)
|
|
(10
|
)
|
||
NET INCOME ATTRIBUTABLE TO COSTCO
|
$
|
844
|
|
|
$
|
767
|
|
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
|
|
|
|
||||
Basic
|
$
|
1.91
|
|
|
$
|
1.75
|
|
Diluted
|
$
|
1.90
|
|
|
$
|
1.73
|
|
Shares used in calculation (000s):
|
|
|
|
||||
Basic
|
441,818
|
|
|
439,157
|
|
||
Diluted
|
443,680
|
|
|
442,749
|
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
NET INCOME INCLUDING NONCONTROLLING INTERESTS
|
$
|
856
|
|
|
$
|
777
|
|
Foreign-currency translation adjustment and other, net
|
125
|
|
|
(134
|
)
|
||
Comprehensive income
|
981
|
|
|
643
|
|
||
Less: Comprehensive income attributable to noncontrolling interests
|
22
|
|
|
8
|
|
||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COSTCO
|
$
|
959
|
|
|
$
|
635
|
|
|
November 24,
2019 |
|
September 1,
2019 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
9,027
|
|
|
$
|
8,384
|
|
Short-term investments
|
993
|
|
|
1,060
|
|
||
Receivables, net
|
1,711
|
|
|
1,535
|
|
||
Merchandise inventories
|
13,818
|
|
|
11,395
|
|
||
Other current assets
|
1,094
|
|
|
1,111
|
|
||
Total current assets
|
26,643
|
|
|
23,485
|
|
||
PROPERTY AND EQUIPMENT
|
|
|
|
||||
Land
|
6,533
|
|
|
6,417
|
|
||
Buildings and improvements
|
17,732
|
|
|
17,136
|
|
||
Equipment and fixtures
|
8,243
|
|
|
7,801
|
|
||
Construction in progress
|
803
|
|
|
1,272
|
|
||
Accumulated depreciation and amortization
|
(12,074
|
)
|
|
(11,736
|
)
|
||
Net property and equipment
|
21,237
|
|
|
20,890
|
|
||
OTHER ASSETS
|
|
|
|
||||
Operating lease right-of-use assets
|
2,597
|
|
|
0
|
|
||
Other long-term assets
|
954
|
|
|
1,025
|
|
||
TOTAL ASSETS
|
$
|
51,431
|
|
|
$
|
45,400
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
||||
Accounts payable
|
$
|
14,440
|
|
|
$
|
11,679
|
|
Accrued salaries and benefits
|
3,159
|
|
|
3,176
|
|
||
Accrued member rewards
|
1,193
|
|
|
1,180
|
|
||
Deferred membership fees
|
1,817
|
|
|
1,711
|
|
||
Current portion of long-term debt
|
1,700
|
|
|
1,699
|
|
||
Other current liabilities
|
3,956
|
|
|
3,792
|
|
||
Total current liabilities
|
26,265
|
|
|
23,237
|
|
||
OTHER LIABILITIES
|
|
|
|
||||
Long-term debt, excluding current portion
|
5,107
|
|
|
5,124
|
|
||
Long-term operating lease liabilities
|
2,442
|
|
|
0
|
|
||
Other long-term liabilities
|
1,393
|
|
|
1,455
|
|
||
TOTAL LIABILITIES
|
35,207
|
|
|
29,816
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
||||
EQUITY
|
|
|
|
||||
Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding
|
0
|
|
|
0
|
|
||
Common stock $0.01 par value; 900,000,000 shares authorized; 441,778,000 and 439,625,000 shares issued and outstanding
|
4
|
|
|
4
|
|
||
Additional paid-in capital
|
6,391
|
|
|
6,417
|
|
||
Accumulated other comprehensive loss
|
(1,321
|
)
|
|
(1,436
|
)
|
||
Retained earnings
|
10,787
|
|
|
10,258
|
|
||
Total Costco stockholders’ equity
|
15,861
|
|
|
15,243
|
|
||
Noncontrolling interests
|
363
|
|
|
341
|
|
||
TOTAL EQUITY
|
16,224
|
|
|
15,584
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
51,431
|
|
|
$
|
45,400
|
|
|
12 Weeks Ended November 24, 2019
|
|||||||||||||||||||||||||||||
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Total Costco
Stockholders’
Equity
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
|||||||||||||||||
|
Shares (000s)
|
|
Amount
|
|
||||||||||||||||||||||||||
BALANCE AT SEPTEMBER 1, 2019
|
439,625
|
|
|
$
|
4
|
|
|
$
|
6,417
|
|
|
$
|
(1,436
|
)
|
|
$
|
10,258
|
|
|
$
|
15,243
|
|
|
$
|
341
|
|
|
$
|
15,584
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
844
|
|
|
12
|
|
|
856
|
|
|||||||
Foreign-currency translation adjustment and other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|
115
|
|
|
10
|
|
|
125
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
302
|
|
|||||||
Release of vested restricted stock units (RSUs), including tax effects
|
2,253
|
|
|
—
|
|
|
(326
|
)
|
|
—
|
|
|
—
|
|
|
(326
|
)
|
|
—
|
|
|
(326
|
)
|
|||||||
Repurchases of common stock
|
(100
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(28
|
)
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
|||||||
Cash dividend declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(287
|
)
|
|
(287
|
)
|
|
—
|
|
|
(287
|
)
|
|||||||
BALANCE AT NOVEMBER 24, 2019
|
441,778
|
|
|
$
|
4
|
|
|
$
|
6,391
|
|
|
$
|
(1,321
|
)
|
|
$
|
10,787
|
|
|
$
|
15,861
|
|
|
$
|
363
|
|
|
$
|
16,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
12 Weeks Ended November 25, 2018
|
|||||||||||||||||||||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Retained
Earnings |
|
Total Costco
Stockholders’ Equity |
|
Noncontrolling
Interests |
|
Total
Equity |
|||||||||||||||||
|
Shares (000s)
|
|
Amount
|
|
||||||||||||||||||||||||||
BALANCE AT SEPTEMBER 2, 2018
|
438,189
|
|
|
$
|
4
|
|
|
$
|
6,107
|
|
|
$
|
(1,199
|
)
|
|
$
|
7,887
|
|
|
$
|
12,799
|
|
|
$
|
304
|
|
|
$
|
13,103
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
767
|
|
|
767
|
|
|
10
|
|
|
777
|
|
|||||||
Foreign-currency translation adjustment and other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(132
|
)
|
|
—
|
|
|
(132
|
)
|
|
(2
|
)
|
|
(134
|
)
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
272
|
|
|
—
|
|
|
—
|
|
|
272
|
|
|
—
|
|
|
272
|
|
|||||||
Release of vested RSUs, including tax effects
|
2,507
|
|
|
—
|
|
|
(270
|
)
|
|
—
|
|
|
—
|
|
|
(270
|
)
|
|
—
|
|
|
(270
|
)
|
|||||||
Repurchases of common stock
|
(150
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(32
|
)
|
|
(34
|
)
|
|
—
|
|
|
(34
|
)
|
|||||||
Cash dividend declared and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(235
|
)
|
|
(235
|
)
|
|
—
|
|
|
(235
|
)
|
|||||||
BALANCE AT NOVEMBER 25, 2018
|
440,546
|
|
|
$
|
4
|
|
|
$
|
6,107
|
|
|
$
|
(1,331
|
)
|
|
$
|
8,387
|
|
|
$
|
13,167
|
|
|
$
|
312
|
|
|
$
|
13,479
|
|
November 24, 2019:
|
Cost
Basis |
|
Unrealized
Gains, Net |
|
Recorded
Basis |
||||||
Available-for-sale:
|
|
|
|
|
|
||||||
Government and agency securities
|
$
|
596
|
|
|
$
|
4
|
|
|
$
|
600
|
|
Held-to-maturity:
|
|
|
|
|
|
||||||
Certificates of deposit
|
393
|
|
|
|
|
393
|
|
||||
Total short-term investments
|
$
|
989
|
|
|
$
|
4
|
|
|
$
|
993
|
|
September 1, 2019:
|
Cost
Basis |
|
Unrealized
Gains, Net |
|
Recorded
Basis |
||||||
Available-for-sale:
|
|
|
|
|
|
||||||
Government and agency securities
|
$
|
716
|
|
|
$
|
6
|
|
|
$
|
722
|
|
Held-to-maturity:
|
|
|
|
|
|
||||||
Certificates of deposit
|
338
|
|
|
|
|
338
|
|
||||
Total short-term investments
|
$
|
1,054
|
|
|
$
|
6
|
|
|
$
|
1,060
|
|
|
Available-For-Sale
|
|
Held-To-Maturity
|
||||||||
|
Cost Basis
|
|
Fair Value
|
|
|||||||
Due in one year or less
|
$
|
213
|
|
|
$
|
212
|
|
|
$
|
393
|
|
Due after one year through five years
|
375
|
|
|
379
|
|
|
0
|
|
|||
Due after five years
|
8
|
|
|
9
|
|
|
0
|
|
|||
Total
|
$
|
596
|
|
|
$
|
600
|
|
|
$
|
393
|
|
|
Level 2
|
||||||
|
November 24,
2019 |
|
September 1,
2019 |
||||
Investment in government and agency securities(1)
|
$
|
699
|
|
|
$
|
766
|
|
Forward foreign-exchange contracts, in asset position(2)
|
6
|
|
|
15
|
|
||
Forward foreign-exchange contracts, in (liability) position(2)
|
(7
|
)
|
|
(4
|
)
|
||
Total
|
$
|
698
|
|
|
$
|
777
|
|
(1)
|
At November 24, 2019, $99 cash and cash equivalents and $600 short-term investments are included in the accompanying condensed consolidated balance sheets. At September 1, 2019, $44 cash and cash equivalents and $722 short-term investments are included in the accompanying condensed consolidated balance sheets.
|
(2)
|
The asset and liability values are included in other current assets and other current liabilities, respectively, in the accompanying condensed consolidated balance sheets.
|
|
November 24,
2019 |
|
September 1,
2019 |
||||
1.70% Senior Notes due December 2019
|
$
|
1,200
|
|
|
$
|
1,200
|
|
1.75% Senior Notes due February 2020
|
500
|
|
|
500
|
|
||
2.15% Senior Notes due May 2021
|
1,000
|
|
|
1,000
|
|
||
2.25% Senior Notes due February 2022
|
500
|
|
|
500
|
|
||
2.30% Senior Notes due May 2022
|
800
|
|
|
800
|
|
||
2.75% Senior Notes due May 2024
|
1,000
|
|
|
1,000
|
|
||
3.00% Senior Notes due May 2027
|
1,000
|
|
|
1,000
|
|
||
Other long-term debt
|
833
|
|
|
852
|
|
||
Total long-term debt
|
6,833
|
|
|
6,852
|
|
||
Less unamortized debt discounts and issuance costs
|
26
|
|
|
29
|
|
||
Less current portion(1)
|
1,700
|
|
|
1,699
|
|
||
Long-term debt, excluding current portion
|
$
|
5,107
|
|
|
$
|
5,124
|
|
(1)
|
Net of unamortized debt discounts and issuance costs.
|
|
|
November 24,
2019 |
||
Assets
|
|
|
||
Operating lease right-of-use assets
|
|
$
|
2,597
|
|
Finance lease assets(1)
|
|
355
|
|
|
Total lease assets
|
|
$
|
2,952
|
|
Liabilities
|
|
|
||
Current
|
|
|
||
Operating(2)
|
|
$
|
169
|
|
Finance(2)
|
|
12
|
|
|
Long-term
|
|
|
||
Operating
|
|
2,442
|
|
|
Finance(3)
|
|
388
|
|
|
Total lease liabilities
|
|
$
|
3,011
|
|
(1)
|
Included in net property and equipment in the accompanying condensed consolidated balance sheets.
|
(2)
|
Included in other current liabilities in the accompanying condensed consolidated balance sheets.
|
(3)
|
Included in other long-term liabilities in the accompanying condensed consolidated balance sheets.
|
|
|
November 24,
2019 |
|
Weighted-average remaining lease term (years)
|
|
|
|
Operating leases
|
|
21
|
|
Finance leases
|
|
15
|
|
Weighted-average discount rate
|
|
|
|
Operating leases
|
|
2.25
|
%
|
Finance leases
|
|
8.54
|
%
|
|
|
12 Weeks Ended
|
||
|
|
November 24,
2019 |
||
Operating lease cost(1)
|
|
$
|
51
|
|
Finance lease cost
|
|
|
||
Amortization of lease assets(1)
|
|
4
|
|
|
Interest on lease liabilities(2)
|
|
7
|
|
|
Total lease cost
|
|
$
|
62
|
|
(1)
|
Generally included in selling, general and administrative expenses in the accompanying condensed consolidated statements of income.
|
(2)
|
Included in interest expense in the accompanying condensed consolidated statements of income.
|
|
|
12 Weeks Ended
|
||
|
|
November 24,
2019 |
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
||
Operating cash flows — operating leases
|
|
$
|
40
|
|
Operating cash flows — finance leases
|
|
7
|
|
|
Financing cash flows — finance leases
|
|
31
|
|
|
Leased assets obtained in exchange for finance lease liabilities
|
|
4
|
|
|
Leased assets obtained in exchange for operating lease liabilities
|
|
10
|
|
|
Operating Leases(1)
|
|
Finance Leases
|
||||
2020
|
$
|
173
|
|
|
$
|
29
|
|
2021
|
216
|
|
|
40
|
|
||
2022
|
206
|
|
|
39
|
|
||
2023
|
212
|
|
|
42
|
|
||
2024
|
188
|
|
|
40
|
|
||
Thereafter
|
2,400
|
|
|
557
|
|
||
Total(2)
|
3,395
|
|
|
747
|
|
||
Less amount representing interest
|
784
|
|
|
347
|
|
||
Present value of lease liabilities
|
$
|
2,611
|
|
|
$
|
400
|
|
(1)
|
Operating lease payments have not been reduced by future sublease income of $103.
|
(2)
|
Excludes $250 of lease payments for leases that have been signed but not yet commenced.
|
|
Operating Leases
|
|
Capital Leases
|
||||
2020
|
$
|
239
|
|
|
$
|
51
|
|
2021
|
229
|
|
|
53
|
|
||
2022
|
202
|
|
|
38
|
|
||
2023
|
193
|
|
|
39
|
|
||
2024
|
181
|
|
|
39
|
|
||
Thereafter
|
2,206
|
|
|
544
|
|
||
Total
|
$
|
3,250
|
|
|
764
|
|
|
Less amount representing interest
|
|
|
343
|
|
|||
Net present value of minimum lease payments
|
|
|
$
|
421
|
|
|
Shares Repurchased (000s)
|
|
Average Price per Share
|
|
Total Cost
|
|||||
First quarter of 2020
|
100
|
|
|
$
|
295.97
|
|
|
$
|
30
|
|
|
|
|
|
|
|
|||||
First quarter of 2019
|
150
|
|
|
$
|
229.35
|
|
|
$
|
34
|
|
•
|
5,227,000 time-based RSUs that vest upon continued employment over specified periods of time;
|
•
|
30,000 performance-based RSUs, granted to executive officers of the Company, for which the performance targets have been met. The awards vest upon continued employment over specified periods of time; and
|
•
|
123,000 performance-based RSUs, granted to executive officers of the Company, subject to achievement of performance targets for fiscal 2020, as determined by the Compensation Committee of the Board of Directors after the end of the fiscal year. These awards are not included in the table below.
|
|
Number of
Units
(in 000s)
|
|
Weighted-Average
Grant Date Fair
Value
|
|||
Outstanding at September 1, 2019
|
6,496
|
|
|
$
|
167.55
|
|
Granted
|
2,128
|
|
|
293.62
|
|
|
Vested and delivered
|
(3,341
|
)
|
|
188.91
|
|
|
Forfeited
|
(26
|
)
|
|
182.38
|
|
|
Outstanding at November 24, 2019
|
5,257
|
|
|
$
|
204.94
|
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Stock-based compensation expense before income taxes
|
$
|
301
|
|
|
$
|
270
|
|
Less recognized income tax benefit
|
(66
|
)
|
|
(61
|
)
|
||
Stock-based compensation expense, net of income taxes
|
$
|
235
|
|
|
$
|
209
|
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Net income attributable to Costco
|
$
|
844
|
|
|
$
|
767
|
|
Weighted average basic shares
|
441,818
|
|
|
439,157
|
|
||
RSUs
|
1,862
|
|
|
3,592
|
|
||
Weighted average diluted shares
|
443,680
|
|
|
442,749
|
|
|
United States
Operations |
|
Canadian
Operations |
|
Other
International Operations |
|
Total
|
||||||||
12 Weeks Ended November 24, 2019
|
|
|
|
|
|
|
|
||||||||
Total revenue
|
$
|
27,065
|
|
|
$
|
5,127
|
|
|
$
|
4,848
|
|
|
$
|
37,040
|
|
Operating income
|
635
|
|
|
228
|
|
|
198
|
|
|
1,061
|
|
||||
Total assets
|
35,784
|
|
|
4,857
|
|
|
10,790
|
|
|
51,431
|
|
||||
12 Weeks Ended November 25, 2018
|
|
|
|
|
|
|
|
||||||||
Total revenue
|
$
|
25,550
|
|
|
$
|
4,977
|
|
|
$
|
4,542
|
|
|
$
|
35,069
|
|
Operating income
|
560
|
|
|
214
|
|
|
175
|
|
|
949
|
|
||||
Total assets
|
30,499
|
|
|
4,673
|
|
|
8,642
|
|
|
43,814
|
|
||||
52 Weeks Ended September 1, 2019
|
|
|
|
|
|
|
|
||||||||
Total revenue
|
$
|
111,751
|
|
|
$
|
21,366
|
|
|
$
|
19,586
|
|
|
$
|
152,703
|
|
Operating income
|
3,063
|
|
|
924
|
|
|
750
|
|
|
4,737
|
|
||||
Total assets
|
32,162
|
|
|
4,369
|
|
|
8,869
|
|
|
45,400
|
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Foods and Sundries
|
$
|
14,532
|
|
|
$
|
13,641
|
|
Hardlines
|
5,843
|
|
|
5,840
|
|
||
Fresh Foods
|
4,576
|
|
|
4,293
|
|
||
Softlines
|
4,297
|
|
|
4,123
|
|
||
Ancillary
|
6,988
|
|
|
6,414
|
|
||
Total Net Sales
|
$
|
36,236
|
|
|
$
|
34,311
|
|
•
|
Net sales increased 6% to $36,236, driven by an increase in comparable sales of 4% and sales at 17 net new warehouses opened since the end of the first quarter of 2019;
|
•
|
Membership fee revenue increased 6% to $804, primarily due to sign-ups at existing and new warehouses;
|
•
|
Gross margin percentage increased 30 basis points, primarily due to our warehouse ancillary and other businesses and an adjustment in the first quarter of 2019 to our estimate of breakage on rewards earned under our co-branded credit card program;
|
•
|
SG&A expenses as a percentage of net sales increased 17 basis points, primarily due to operating costs related to warehouse, ancillary and other businesses and stock compensation;
|
•
|
The provision for income taxes in the first quarter of 2020 was positively impacted by a benefit related to stock compensation of $77, or $0.17 per diluted share compared to $59, or $0.13 in the first quarter of 2019. The first quarter of 2019 was also positively impacted by a benefit of $27, or $0.06 per diluted share, related to the Tax Cuts and Jobs Act (2017 Tax Act);
|
•
|
Net income increased 10% to $844, or $1.90 per diluted share, compared to $767, or $1.73 per diluted share in 2019; and
|
•
|
On October 18, 2019, our Board of Directors declared a quarterly cash dividend of $0.65 per share, which was paid on November 15, 2019.
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Net Sales
|
$
|
36,236
|
|
|
$
|
34,311
|
|
Changes in net sales
|
|
|
|
||||
U.S
|
6
|
%
|
|
12
|
%
|
||
Canada
|
3
|
%
|
|
4
|
%
|
||
Other International
|
7
|
%
|
|
8
|
%
|
||
Total Company
|
6
|
%
|
|
10
|
%
|
||
Changes in comparable sales:
|
|
|
|
||||
U.S
|
5
|
%
|
|
11
|
%
|
||
Canada
|
3
|
%
|
|
2
|
%
|
||
Other International
|
3
|
%
|
|
4
|
%
|
||
Total Company
|
4
|
%
|
|
9
|
%
|
||
Changes in comparable sales excluding the impact of changes in foreign currency and gasoline prices (1):
|
|
|
|
||||
U.S
|
5
|
%
|
|
8
|
%
|
||
Canada
|
5
|
%
|
|
5
|
%
|
||
Other International
|
4
|
%
|
|
6
|
%
|
||
Total Company
|
5
|
%
|
|
7
|
%
|
(1)
|
Excludes the impact of the revenue recognition standard for the period ended November 25, 2018.
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Membership fees
|
$
|
804
|
|
|
$
|
758
|
|
Membership fees as a percentage of net sales
|
2.22
|
%
|
|
2.21
|
%
|
||
Total paid members as of quarter end (000s)
|
54,700
|
|
|
52,200
|
|
||
Total cardholders as of quarter end (000s)
|
99,900
|
|
|
95,400
|
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Net sales
|
$
|
36,236
|
|
|
$
|
34,311
|
|
Less merchandise costs
|
32,233
|
|
|
30,623
|
|
||
Gross margin
|
$
|
4,003
|
|
|
$
|
3,688
|
|
Gross margin percentage
|
11.05
|
%
|
|
10.75
|
%
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
SG&A expenses
|
$
|
3,732
|
|
|
$
|
3,475
|
|
SG&A expenses as a percentage of net sales
|
10.30
|
%
|
|
10.13
|
%
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Preopening expenses
|
$
|
14
|
|
|
$
|
22
|
|
Warehouse openings, including relocations
|
|
|
|
||||
United States
|
3
|
|
|
6
|
|
||
Canada
|
1
|
|
|
2
|
|
||
Other International
|
0
|
|
|
0
|
|
||
Total warehouse openings, including relocations
|
4
|
|
|
8
|
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Interest expense
|
$
|
38
|
|
|
$
|
36
|
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Interest income
|
$
|
32
|
|
|
$
|
21
|
|
Foreign-currency transaction gains, net
|
(4
|
)
|
|
(5
|
)
|
||
Other, net
|
7
|
|
|
6
|
|
||
Interest income and other, net
|
$
|
35
|
|
|
$
|
22
|
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Provision for income taxes
|
$
|
202
|
|
|
$
|
158
|
|
Effective tax rate
|
19.1
|
%
|
|
16.9
|
%
|
|
12 Weeks Ended
|
||||||
|
November 24,
2019 |
|
November 25,
2018 |
||||
Net cash provided by operating activities
|
$
|
2,102
|
|
|
$
|
2,177
|
|
Net cash used in investing activities
|
(630
|
)
|
|
(737
|
)
|
||
Net cash used in financing activities
|
(836
|
)
|
|
(700
|
)
|
Period
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Programs(1)
|
|
Maximum Dollar Value of Shares that May Yet be Purchased Under the Programs(1)
|
||||||
September 2 — September 29, 2019
|
33,000
|
|
|
$
|
291.99
|
|
|
33,000
|
|
|
$
|
3,933
|
|
September 30 — October 27, 2019
|
34,000
|
|
|
295.38
|
|
|
34,000
|
|
|
3,923
|
|
||
October 28 — November 24, 2019
|
33,000
|
|
|
300.47
|
|
|
33,000
|
|
|
3,913
|
|
||
Total first quarter
|
100,000
|
|
|
$
|
295.97
|
|
|
100,000
|
|
|
|
(1)
|
Our stock repurchase program is conducted under a $4,000 authorization approved by our Board of Directors in April 2019, which expires in April 2023.
|
|
|
|
|
|
|
Incorporated by Reference
|
||||
Exhibit
Number
|
|
Exhibit Description
|
|
Filed
Herewith
|
|
Form
|
|
Period
Ending
|
|
Filing Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
2/17/2019
|
|
3/13/2019
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
|
|
4/30/2019
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
|
|
10/21/2019
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
Inline XBRL Instance Document
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
|
x
|
|
|
|
|
|
|
|
COSTCO WHOLESALE CORPORATION
(Registrant)
|
||
|
|
|
|
December 18, 2019
|
By
|
|
/s/ W. CRAIG JELINEK
|
Date
|
|
|
W. Craig Jelinek
President, Chief Executive Officer and Director
|
|
|
|
|
December 18, 2019
|
By
|
|
/s/ RICHARD A. GALANTI
|
Date
|
|
|
Richard A. Galanti
Executive Vice President, Chief Financial Officer and Director
|
1 Year Costco Wholesale Chart |
1 Month Costco Wholesale Chart |
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