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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.60 | 0.22% | 724.50 | 724.10 | 724.30 | 729.86 | 715.32 | 722.65 | 1,609,062 | 00:57:59 |
☒
|
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 | 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 |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
NET INCOME INCLUDING NONCONTROLLING INTERESTS
|
$ | 971 | $ | 947 | $ | 2,152 | $ | 1,803 | |||||||||||||||
Foreign-currency translation adjustment and other, net
|
148 | 47 | 357 | 172 | |||||||||||||||||||
Comprehensive income | 1,119 | 994 | 2,509 | 1,975 | |||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests
|
28 | 22 | 56 | 44 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COSTCO
|
$ | 1,091 | $ | 972 | $ | 2,453 | $ | 1,931 |
|
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 |
12 Weeks Ended February 14, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
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 NOVEMBER 22, 2020 | 442,955 | $ | 4 | $ | 6,725 | $ | (1,101) | $ | 9,232 | $ | 14,860 | $ | 449 | $ | 15,309 | ||||||||||||||||||||||||||||||||
Net income
|
— | — | — | — | 951 | 951 | 20 | 971 | |||||||||||||||||||||||||||||||||||||||
Foreign-currency translation adjustment and other, net
|
— | — | — | 140 | — | 140 | 8 | 148 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | 123 | — | — | 123 | — | 123 | |||||||||||||||||||||||||||||||||||||||
Release of vested restricted stock units (RSUs), including tax effects
|
7 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock
|
(308) | — | (5) | — | (107) | (112) | — | (112) | |||||||||||||||||||||||||||||||||||||||
Cash dividend declared | — | — | — | — | (310) | (310) | — | (310) | |||||||||||||||||||||||||||||||||||||||
BALANCE AT FEBRUARY 14, 2021 | 442,654 | $ | 4 | $ | 6,843 | $ | (961) | $ | 9,766 | $ | 15,652 | $ | 477 | $ | 16,129 | ||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
12 Weeks Ended February 16, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
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 NOVEMBER 24, 2019 | 441,778 | $ | 4 | $ | 6,391 | $ | (1,321) | $ | 10,787 | $ | 15,861 | $ | 363 | $ | 16,224 | ||||||||||||||||||||||||||||||||
Net income
|
— | — | — | — | 931 | 931 | 16 | 947 | |||||||||||||||||||||||||||||||||||||||
Foreign-currency translation adjustment and other, net
|
— | — | — | 41 | — | 41 | 6 | 47 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | 118 | — | — | 118 | — | 118 | |||||||||||||||||||||||||||||||||||||||
Release of vested RSUs, including tax effects
|
6 | — | (1) | — | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock
|
(162) | — | (2) | — | (47) | (49) | — | (49) | |||||||||||||||||||||||||||||||||||||||
Cash dividend declared | — | — | — | — | (287) | (287) | — | (287) | |||||||||||||||||||||||||||||||||||||||
BALANCE AT FEBRUARY 16, 2020 | 441,622 | $ | 4 | $ | 6,506 | $ | (1,280) | $ | 11,384 | $ | 16,614 | $ | 385 | $ | 16,999 |
24 Weeks Ended February 14, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
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 AUGUST 30, 2020
|
441,255 | $ | 4 | $ | 6,698 | $ | (1,297) | $ | 12,879 | $ | 18,284 | $ | 421 | $ | 18,705 | ||||||||||||||||||||||||||||||||
Net income
|
— | — | — | — | 2,117 | 2,117 | 35 | 2,152 | |||||||||||||||||||||||||||||||||||||||
Foreign-currency translation adjustment and other, net
|
— | — | — | 336 | — | 336 | 21 | 357 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | 465 | — | — | 465 | — | 465 | |||||||||||||||||||||||||||||||||||||||
Release of vested restricted stock units (RSUs), including tax effects
|
1,920 | — | (311) | — | — | (311) | — | (311) | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock
|
(521) | — | (9) | — | (180) | (189) | — | (189) | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared
|
— | — | — | — | (5,050) | (5,050) | — | (5,050) | |||||||||||||||||||||||||||||||||||||||
BALANCE AT FEBRUARY 14, 2021 | 442,654 | $ | 4 | $ | 6,843 | $ | (961) | $ | 9,766 | $ | 15,652 | $ | 477 | $ | 16,129 | ||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
24 Weeks Ended February 16, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
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
|
— | — | — | — | 1,775 | 1,775 | 28 | 1,803 | |||||||||||||||||||||||||||||||||||||||
Foreign-currency translation adjustment and other, net
|
— | — | — | 156 | — | 156 | 16 | 172 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | 420 | — | — | 420 | — | 420 | |||||||||||||||||||||||||||||||||||||||
Release of vested RSUs, including tax effects
|
2,259 | — | (327) | — | — | (327) | — | (327) | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock
|
(262) | — | (4) | — | (75) | (79) | — | (79) | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | (574) | (574) | — | (574) | |||||||||||||||||||||||||||||||||||||||
BALANCE AT FEBRUARY 16, 2020 | 441,622 | $ | 4 | $ | 6,506 | $ | (1,280) | $ | 11,384 | $ | 16,614 | $ | 385 | $ | 16,999 |
24 Weeks Ended | |||||||||||
February 14,
2021 |
February 16,
2020 |
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income including noncontrolling interests | $ | 2,152 | $ | 1,803 | |||||||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
|
|||||||||||
Depreciation and amortization | 820 | 758 | |||||||||
Non-cash lease expense | 124 | 77 | |||||||||
Stock-based compensation | 463 | 419 | |||||||||
Other non-cash operating activities, net | (6) | 14 | |||||||||
Deferred income taxes | (21) | 1 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Merchandise inventories | (1,480) | (394) | |||||||||
Accounts payable | 191 | (537) | |||||||||
Other operating assets and liabilities, net | 442 | 580 | |||||||||
Net cash provided by operating activities | 2,685 | 2,721 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Purchases of short-term investments | (384) | (636) | |||||||||
Maturities of short-term investments | 823 | 777 | |||||||||
Additions to property and equipment | (1,466) | (1,260) | |||||||||
Other investing activities, net | (10) | 19 | |||||||||
Net cash used in investing activities | (1,037) | (1,100) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Change in bank payments outstanding | (67) | (17) | |||||||||
Repayments of long-term debt | — | (1,200) | |||||||||
Tax withholdings on stock-based awards | (311) | (327) | |||||||||
Repurchases of common stock | (186) | (77) | |||||||||
Cash dividend payments | (4,740) | (573) | |||||||||
Other financing activities, net | (46) | (34) | |||||||||
Net cash used in financing activities | (5,350) | (2,228) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
62 | 9 | |||||||||
Net change in cash and cash equivalents | (3,640) | (598) | |||||||||
CASH AND CASH EQUIVALENTS BEGINNING OF YEAR | 12,277 | 8,384 | |||||||||
CASH AND CASH EQUIVALENTS END OF PERIOD | $ | 8,637 | $ | 7,786 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||
Cash paid during the first half of the year for: | |||||||||||
Interest
|
$ | 78 | $ | 60 | |||||||
Income taxes, net | $ | 755 | $ | 380 | |||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
|
|||||||||||
Cash dividend declared, but not yet paid
|
$ | 310 | $ | 287 |
February 14, 2021: |
Cost
Basis |
Unrealized
Gains, Net |
Recorded
Basis |
||||||||||||||
Available-for-sale: | |||||||||||||||||
Government and agency securities | $ | 452 | $ | 9 | $ | 461 | |||||||||||
Held-to-maturity: | |||||||||||||||||
Certificates of deposit | 156 | — | 156 | ||||||||||||||
Total short-term investments | $ | 608 | $ | 9 | $ | 617 |
August 30, 2020: |
Cost
Basis |
Unrealized
Gains, Net |
Recorded
Basis |
||||||||||||||
Available-for-sale: | |||||||||||||||||
Government and agency securities | $ | 436 | $ | 12 | $ | 448 | |||||||||||
Held-to-maturity: | |||||||||||||||||
Certificates of deposit | 580 | — | 580 | ||||||||||||||
Total short-term investments | $ | 1,016 | $ | 12 | $ | 1,028 |
Available-For-Sale | Held-To-Maturity | ||||||||||||||||
Cost Basis | Fair Value | ||||||||||||||||
Due in one year or less | $ | 206 | $ | 207 | $ | 156 | |||||||||||
Due after one year through five years | 246 | 254 | — | ||||||||||||||
Total | $ | 452 | $ | 461 | $ | 156 |
Level 2 | |||||||||||
February 14,
2021 |
August 30,
2020 |
||||||||||
Investment in government and agency securities(1)
|
$ | 463 | $ | 508 | |||||||
Forward foreign-exchange contracts, in asset position(2)
|
4 | 1 | |||||||||
Forward foreign-exchange contracts, in (liability) position(2)
|
(22) | (21) | |||||||||
Total | $ | 445 | $ | 488 |
February 14,
2021 |
August 30,
2020 |
||||||||||
2.300% Senior Notes due May 2022 | $ | 800 | $ | 800 | |||||||
2.750% Senior Notes due May 2024 | 1,000 | 1,000 | |||||||||
3.000% Senior Notes due May 2027 | 1,000 | 1,000 | |||||||||
1.375% Senior Notes due June 2027 | 1,250 | 1,250 | |||||||||
1.600% Senior Notes due April 2030 | 1,750 | 1,750 | |||||||||
1.750% Senior Notes due April 2032 | 1,000 | 1,000 | |||||||||
Other long-term debt | 861 | 857 | |||||||||
Total long-term debt
|
7,661 | 7,657 | |||||||||
Less unamortized debt discounts and issuance costs
|
44 | 48 | |||||||||
Less current portion(1)
|
95 | 95 | |||||||||
Long-term debt, excluding current portion
|
$ | 7,522 | $ | 7,514 |
Shares Repurchased (000s) | Average Price per Share | Total Cost | |||||||||||||||
Second quarter of 2021 | 308 | $ | 362.95 | $ | 112 | ||||||||||||
First half of 2021 | 521 | $ | 361.52 | $ | 189 | ||||||||||||
Second quarter of 2020 | 162 | $ | 301.50 | $ | 49 | ||||||||||||
First half of 2020 | 262 | $ | 299.40 | $ | 79 |
Number of
Units (in 000s) |
Weighted-Average
Grant Date Fair Value |
||||||||||
Outstanding at August 30, 2020 | 5,174 | $ | 207.55 | ||||||||
Granted | 1,982 | 369.15 | |||||||||
Vested and delivered | (2,752) | 235.72 | |||||||||
Forfeited | (82) | 250.66 | |||||||||
Special cash dividend | 94 | N/A | |||||||||
Outstanding at February 14, 2021 | 4,416 | $ | 257.77 |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Stock-based compensation expense
|
$ | 122 | $ | 118 | $ | 463 | $ | 419 | |||||||||||||||
Less recognized income tax benefit
|
22 | 21 | 97 | 87 | |||||||||||||||||||
Stock-based compensation expense, net
|
$ | 100 | $ | 97 | $ | 366 | $ | 332 |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Net income attributable to Costco
|
$ | 951 | $ | 931 | $ | 2,117 | $ | 1,775 | |||||||||||||||
Weighted average basic shares
|
443,134 | 442,021 | 443,043 | 441,920 | |||||||||||||||||||
RSUs | 1,360 | 1,706 | 1,397 | 1,784 | |||||||||||||||||||
Weighted average diluted shares
|
444,494 | 443,727 | 444,440 | 443,704 | |||||||||||||||||||
United States
Operations |
Canadian
Operations |
Other
International Operations |
Total | ||||||||||||||||||||
12 Weeks Ended February 14, 2021 | |||||||||||||||||||||||
Total revenue | $ | 32,127 | $ | 6,001 | $ | 6,641 | $ | 44,769 | |||||||||||||||
Operating income | 790 | 236 | 314 | 1,340 | |||||||||||||||||||
12 Weeks Ended February 16, 2020 | |||||||||||||||||||||||
Total revenue | $ | 28,523 | $ | 5,231 | $ | 5,318 | $ | 39,072 | |||||||||||||||
Operating income | 821 | 202 | 243 | 1,266 | |||||||||||||||||||
24 Weeks Ended February 14, 2021 | |||||||||||||||||||||||
Total revenue | $ | 63,419 | $ | 12,012 | $ | 12,546 | $ | 87,977 | |||||||||||||||
Operating income | 1,638 | 529 | 603 | 2,770 | |||||||||||||||||||
24 Weeks Ended February 16, 2020 | |||||||||||||||||||||||
Total revenue | $ | 55,588 | $ | 10,358 | $ | 10,166 | $ | 76,112 | |||||||||||||||
Operating income | 1,456 | 430 | 441 | 2,327 | |||||||||||||||||||
52 Weeks Ended August 30, 2020 | |||||||||||||||||||||||
Total revenue | $ | 122,142 | $ | 22,434 | $ | 22,185 | $ | 166,761 | |||||||||||||||
Operating income | 3,633 | 860 | 942 | 5,435 | |||||||||||||||||||
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Foods and sundries | $ | 17,624 | $ | 14,984 | $ | 35,643 | $ | 29,516 | |||||||||||||||
Hardlines
|
8,306 | 6,774 | 15,636 | 12,617 | |||||||||||||||||||
Fresh foods | 6,254 | 5,079 | 12,117 | 9,655 | |||||||||||||||||||
Softlines
|
5,417 | 4,504 | 10,471 | 8,801 | |||||||||||||||||||
Ancillary and other | 6,287 | 6,915 | 12,368 | 13,903 | |||||||||||||||||||
Total net sales
|
$ | 43,888 | $ | 38,256 | $ | 86,235 | $ | 74,492 |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Net Sales
|
$ | 43,888 | $ | 38,256 | $ | 86,235 | $ | 74,492 | |||||||||||||||
Increases in net sales:
|
|||||||||||||||||||||||
U.S | 13 | % | 10 | % | 14 | % | 8 | % | |||||||||||||||
Canada | 15 | % | 9 | % | 16 | % | 6 | % | |||||||||||||||
Other International | 25 | % | 12 | % | 24 | % | 9 | % | |||||||||||||||
Total Company | 15 | % | 10 | % | 16 | % | 8 | % | |||||||||||||||
Increases in comparable sales:
|
|||||||||||||||||||||||
U.S | 11 | % | 9 | % | 13 | % | 7 | % | |||||||||||||||
Canada | 13 | % | 9 | % | 15 | % | 6 | % | |||||||||||||||
Other International | 22 | % | 8 | % | 20 | % | 6 | % | |||||||||||||||
Total Company | 13 | % | 9 | % | 14 | % | 7 | % | |||||||||||||||
Increases in comparable sales excluding the impact of changes in foreign currency and gasoline prices:
|
|||||||||||||||||||||||
U.S | 13 | % | 8 | % | 15 | % | 7 | % | |||||||||||||||
Canada | 11 | % | 7 | % | 14 | % | 6 | % | |||||||||||||||
Other International | 18 | % | 7 | % | 18 | % | 6 | % | |||||||||||||||
Total Company | 13 | % | 8 | % | 15 | % | 6 | % |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Membership fees | $ | 881 | $ | 816 | $ | 1,742 | $ | 1,620 | |||||||||||||||
Membership fees as a percentage of net sales
|
2.01 | % | 2.13 | % | 2.02 | % | 2.17 | % | |||||||||||||||
Total paid members (000s) | 59,700 | 55,300 | — | — | |||||||||||||||||||
Total cardholders (000s) | 108,300 | 100,900 | — | — |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Net sales | $ | 43,888 | $ | 38,256 | $ | 86,235 | $ | 74,492 | |||||||||||||||
Less merchandise costs | 39,078 | 34,056 | 76,536 | 66,289 | |||||||||||||||||||
Gross margin | $ | 4,810 | $ | 4,200 | $ | 9,699 | $ | 8,203 | |||||||||||||||
Gross margin percentage
|
10.96 | % | 10.98 | % | 11.25 | % | 11.01 | % |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
SG&A expenses | $ | 4,342 | $ | 3,743 | $ | 8,640 | $ | 7,475 | |||||||||||||||
SG&A expenses as a percentage of net sales | 9.89 | % | 9.78 | % | 10.02 | % | 10.03 | % |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Preopening expenses | $ | 9 | $ | 7 | $ | 31 | $ | 21 | |||||||||||||||
Warehouse openings, including relocations | |||||||||||||||||||||||
United States | 0 | 0 | 7 | 3 | |||||||||||||||||||
Canada | 0 | 0 | 2 | 1 | |||||||||||||||||||
Other International | 0 | 0 | 1 | 0 | |||||||||||||||||||
Total warehouse openings, including relocations | 0 | 0 | 10 | 4 |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Interest expense | $ | 40 | $ | 34 | $ | 79 | $ | 72 |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Interest income | $ | 11 | $ | 30 | $ | 21 | $ | 62 | |||||||||||||||
Foreign-currency transaction gains (losses), net
|
(1) | 8 | 7 | 4 | |||||||||||||||||||
Other, net | 9 | 7 | 20 | 14 | |||||||||||||||||||
Interest income and other, net | $ | 19 | $ | 45 | $ | 48 | $ | 80 |
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
February 14,
2021 |
February 16,
2020 |
February 14,
2021 |
February 16,
2020 |
||||||||||||||||||||
Provision for income taxes | $ | 348 | $ | 330 | $ | 587 | $ | 532 | |||||||||||||||
Effective tax rate | 26.4 | % | 25.9 | % | 21.5 | % | 22.8 | % |
24 Weeks Ended | |||||||||||
February 14,
2021 |
February 16,
2020 |
||||||||||
Net cash provided by operating activities | $ | 2,685 | $ | 2,721 | |||||||
Net cash used in investing activities | (1,037) | (1,100) | |||||||||
Net cash used in financing activities | (5,350) | (2,228) | |||||||||
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)
|
|||||||||||||||||||
November 23, 2020 — December 20, 2020 | 34,000 | $ | 371.10 | 34,000 | $ | 3,655 | |||||||||||||||||
December 21, 2020 — January 17, 2021 | 122,000 | 367.92 | 122,000 | 3,610 | |||||||||||||||||||
January 18, 2021 — February 14, 2021 | 152,000 | 357.17 | 152,000 | 3,556 | |||||||||||||||||||
Total second quarter | 308,000 | $ | 362.95 | 308,000 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit
Number |
Exhibit Description |
Filed
Herewith |
Form |
Period
Ending |
Filing Date | |||||||||||||||||||||||||||
3.1 | 10-Q | 2/16/2020 | 3/12/2020 | |||||||||||||||||||||||||||||
3.2 | 8-K | 1/29/2020 | ||||||||||||||||||||||||||||||
3.2.1 | 8-K | 9/16/2020 | ||||||||||||||||||||||||||||||
10.1 | x | |||||||||||||||||||||||||||||||
31.1 | x | |||||||||||||||||||||||||||||||
32.1 | 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)
|
|||||||||||
March 10, 2021 | By |
/s/ W. CRAIG JELINEK
|
|||||||||
Date |
W. Craig Jelinek
President, Chief Executive Officer and Director
|
||||||||||
March 10, 2021 | 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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