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Costco Wholesale Corporation Reports Fourth Quarter and Fiscal Year 2016 Operating Results

/EINPresswire.com/ -- ISSAQUAH, WA -- (Marketwired) -- 09/29/16 -- Costco Wholesale Corporation ("Costco" or the "Company") (NASDAQ: COST) today announced its operating results for the 16-week fourth quarter and the 52-week fiscal year ended August 28, 2016.

Net sales for the fourth quarter were $35.73 billion, an increase of two percent from $34.99 billion in fiscal 2015. Net sales for the fiscal year were $116.07 billion, an increase of two percent from $113.67 billion last year.

Comparable sales were as follows:


                                       16 Weeks   52 Weeks
                                      ---------- ----------

                 U.S.                    -1%         1%
                 Canada                   2%        -3%
                 Other International     -2%        -3%

                   Total Company          0%         0%
                                      ========== ==========

Comparable sales for these periods excluding the negative impacts from gasoline price deflation and foreign exchange were as follows:

                                       16 Weeks   52 Weeks
                                      ---------- ----------

                 U.S.                     2%         3%
                 Canada                   5%         8%
                 Other International      1%         4%

                   Total Company          3%         4%
                                      ========== ==========

Net income for the fourth quarter was $779 million, or $1.77 per diluted share, compared to $767 million, or $1.73 per diluted share, last year.

Net income for the fiscal year was $2.35 billion, or $5.33 per diluted share, compared to $2.38 billion, or $5.37 per diluted share, last year. Net income last year was positively impacted by a $57 million ($.13 per diluted share) tax benefit in connection with a second-quarter special cash dividend.

Costco ended its 2016 fiscal year and currently operates 715 warehouses, including 501 in the United States and Puerto Rico, 91 in Canada, 36 in Mexico, 28 in the United Kingdom, 25 in Japan, 12 in Korea, 12 in Taiwan, eight in Australia and two in Spain. The Company plans to open up to an additional nine new warehouses (including one relocation) before the end of calendar year 2016. Costco also operates e-commerce web sites in the U.S., Canada, the United Kingdom, Mexico, Korea and Taiwan.

A conference call to discuss these fiscal 2016 fourth quarter and year-end operating results is scheduled for 2:00 p.m. (PT) today, September 29, 2016, 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. 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 (including health care costs), energy and certain commodities, geopolitical conditions, 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 we do not undertake to update these statements, except as required by law.



                        COSTCO WHOLESALE CORPORATION
                     CONSOLIDATED STATEMENTS OF INCOME
                (dollars in millions, except per share data)
                                (unaudited)

                              16 Weeks    16 Weeks    52 Weeks    52 Weeks
                                Ended       Ended       Ended       Ended
                             August 28,  August 30,  August 28,  August 30,
                                2016        2015        2016        2015
                             ----------  ----------  ----------  ----------
REVENUE
  Net sales                  $   35,728  $   34,993  $  116,073  $  113,666
  Membership fees                   832         785       2,646       2,533
                             ----------  ----------  ----------  ----------
    Total revenue                36,560      35,778     118,719     116,199
OPERATING EXPENSES
  Merchandise costs              31,649      31,096     102,901     101,065
  Selling, general and
   administrative                 3,696       3,499      12,068      11,445
  Preopening expenses                24          27          78          65
                             ----------  ----------  ----------  ----------
    Operating income              1,191       1,156       3,672       3,624
OTHER INCOME (EXPENSE)
  Interest expense                  (39)        (40)       (133)       (124)
  Interest income and other,
   net                               29          40          80         104
                             ----------  ----------  ----------  ----------
INCOME BEFORE INCOME TAXES        1,181       1,156       3,619       3,604
  Provision for income taxes        396         378       1,243       1,195
                             ----------  ----------  ----------  ----------
  Net income including
   noncontrolling interests         785         778       2,376       2,409
  Net income attributable to
   noncontrolling interests          (6)        (11)        (26)        (32)
                             ----------  ----------  ----------  ----------
NET INCOME ATTRIBUTABLE TO
 COSTCO                      $      779  $      767  $    2,350  $    2,377
                             ==========  ==========  ==========  ==========

NET INCOME PER COMMON SHARE
 ATTRIBUTABLE TO COSTCO:
  Basic                      $     1.78  $     1.75  $     5.36  $     5.41
                             ==========  ==========  ==========  ==========
  Diluted                    $     1.77  $     1.73  $     5.33  $     5.37
                             ==========  ==========  ==========  ==========

Shares used in calculation:
 (000's)
  Basic                         437,809     438,835     438,585     439,455
  Diluted                       440,868     442,404     441,263     442,716



Cash dividends declared per
 common share                $     0.45  $     0.40  $     1.70  $     6.51



                        COSTCO WHOLESALE CORPORATION
                        CONSOLIDATED BALANCE SHEETS
           (amounts in millions, except par value and share data)
                                (unaudited)
Subject to Reclassifications

                                                     August 28,  August 30,
                                                         2016        2015
                                                     ----------  ----------
                       ASSETS
CURRENT ASSETS
  Cash and cash equivalents                          $    3,379  $    4,801
  Short-term investments                                  1,350       1,618
  Receivables, net                                        1,252       1,224
  Merchandise inventories                                 8,969       8,908
  Other current assets                                      268         228
                                                     ----------  ----------
    Total current assets                                 15,218      16,779
                                                     ----------  ----------
PROPERTY AND EQUIPMENT
  Land                                                    5,395       4,961
  Buildings and improvements                             13,994      12,618
  Equipment and fixtures                                  6,077       5,274
  Construction in progress                                  701         811
                                                     ----------  ----------
                                                         26,167      23,664
  Less accumulated depreciation and amortization         (9,124)     (8,263)
                                                     ----------  ----------
    Net property and equipment                           17,043      15,401
                                                     ----------  ----------
OTHER ASSETS                                                902         837
                                                     ----------
    TOTAL ASSETS                                     $   33,163  $   33,017
                                                     ==========  ==========
               LIABILITIES AND EQUITY
CURRENT LIABILITIES
  Accounts payable                                   $    7,612  $    9,011
  Current portion of long-term debt                       1,100       1,283
  Accrued salaries and benefits                           2,629       2,468
  Accrued member rewards                                    869         813
  Deferred membership fees                                1,362       1,269
  Other current liabilities                               2,003       1,695
                                                     ----------  ----------
    Total current liabilities                            15,575      16,539
LONG-TERM DEBT, excluding current portion                 4,061       4,852
OTHER LIABILITIES                                         1,195         783
                                                     ----------  ----------
    Total liabilities                                    20,831      22,174
                                                     ----------  ----------
COMMITMENTS AND CONTINGENCIES
EQUITY
  Preferred stock $.005 par value; 100,000,000
   shares authorized; no shares issued and
   outstanding                                                0           0
  Common stock $.005 par value; 900,000,000 shares
   authorized; 437,524,000 and 437,952,000 shares
   issued and outstanding                                     2           2
  Additional paid-in capital                              5,490       5,218
  Accumulated other comprehensive loss                   (1,099)     (1,121)
  Retained earnings                                       7,686       6,518
                                                     ----------  ----------
    Total Costco stockholders' equity                    12,079      10,617
  Noncontrolling interests                                  253         226
                                                     ----------  ----------
    Total equity                                         12,332      10,843
                                                     ----------  ----------
    TOTAL LIABILITIES AND EQUITY                     $   33,163  $   33,017
                                                     ==========  ==========

CONTACTS:
Costco Wholesale Corporation
Richard Galanti
425/313-8203

Bob Nelson
425/313-8255

Jeff Elliott
425/313-8264

David Sherwood
425/313-8239