Costco reports strong Q4, fiscal year 2022 results
Costco continued its momentum, reporting net sales for the 16-week quarter increased 15.2% to $70.76 billion, from $61.44 billion last year. Net sales for the fiscal year ending Aug. 28, 2022 increased 16% to $222.73 billion, from $192.05 billion last year.
The retailer also reported net income was $1.868 billion for the fourth quarter, $4.20 per diluted share, compared with $1.670 billion, $3.76 per diluted share, last year. Last year’s fourth quarter was negatively impacted by a write-off of information technology assets of $84 million pre-tax (14 cents per diluted share), the company said.
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Net income for the fiscal year was $5.84 billion, $13.14 per diluted share, compared with $5.01 billion, $11.27 per diluted share, in the prior year.
Comparable sales in the United States rose by 15.8% in both the fourth quarter and the fiscal year.
E-commerce grew by 7.1% in the fourth quarter and by 10.1% for the 52 weeks.
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Costco currently operates 838 warehouses, including 578 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 17 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.