“ISSAQUAH, Wash., July 10, 2024 (GLOBE NEWSWIRE) — Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its financial results for the retail month of June, covering the five weeks ended July 7, 2024. The Company reported net sales of $24.48 billion, marking a 7.4% increase from $22.78 billion reported last year.
For the first 44 weeks of the fiscal year, Costco’s net sales totaled $210.55 billion, up 6.9% from $196.93 billion in the previous year.
Comparable sales figures for the period were as follows:
- 5 Weeks: U.S. up 5.6%, Canada up 5.2%, Other International up 4.3%, Total Company up 5.3%
- 44 Weeks: U.S. up 4.4%, Canada up 7.3%, Other International up 8.5%, Total Company up 5.4%
E-commerce sales showed robust growth as well:
- 5 Weeks: E-commerce up 18.4%
- 44 Weeks: E-commerce up 15.2%
When excluding the impacts of changes in gasoline prices and foreign exchange rates, comparable sales adjusted figures were:
- 5 Weeks: U.S. up 6.3%, Canada up 8.4%, Other International up 8.7%, Total Company up 6.9%
- 44 Weeks: U.S. up 4.8%, Canada up 8.1%, Other International up 8.1%, Total Company up 5.6%
Further details on these results are available via a pre-recorded message accessible at investor.costco.com (under “Events & Presentations”), available until 4:00 p.m. (PT) on Wednesday, July 17, 2024.
In addition to the sales report, Costco’s Board of Directors declared a quarterly cash dividend of $1.16 per share on Costco common stock. This dividend will be payable on August 9, 2024, to shareholders of record as of the close of business on July 26, 2024.
Costco also announced plans to increase annual membership fees effective September 1, 2024. U.S. and Canada Gold Star (individual), Business, and Business add-on members will see their fees rise by $5, resulting in an annual fee of $65. Executive Memberships in the U.S. and Canada will increase from $120 to $130 annually, with the maximum annual 2% Reward increasing from $1,000 to $1,250. These fee adjustments will affect approximately 52 million memberships, over half of which are Executive Members.
Currently, Costco operates 882 warehouses worldwide, with significant presence in the U.S., Canada, Mexico, Japan, and other countries, complemented by e-commerce platforms in several key markets.
The Company cautions that certain statements in this announcement constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Factors potentially affecting forward-looking statements include economic conditions, regulatory changes, and geopolitical developments, among others. Costco undertakes no obligation to update forward-looking statements, except as required by law. Comparable sales figures provided are supplementary and not substitutes for net sales reported under U.S. GAAP.”
