Costco Wholesale Corporation announced its operating results for the first quarter (twelve weeks) of fiscal 2021, ended November 22, 2020. Net sales for the first quarter increased 16.9 percent, to $42.35 billion from $36.24 billion last year. Net income for the quarter was $1,166 million, or $2.62 per diluted share, compared to $844 million, or $1.90 per diluted share, last year. This year’s first quarter included tax benefits of $145 million or $0.33 per diluted share, $0.16 of which was due to the deductibility of the $10 per share special cash dividend, to the extent received by the Company’s 401(k) plan participants; and $0.17 cents related to stock-based compensation. Last year’s first quarter included a $77 million or $0.17 per diluted share tax benefit related to stock-based compensation. This year’s results reflect an expense for COVID-19 premium wages of $212 million pre-tax or $0.35 per diluted share.
Dear Industry Member:
Today, the ACMA jointly filed comments with MPA – The Association of Magazine Media, and PostCom supporting the US Postal Service’s proposal for estimating the volume variability of labor costs associated with the automated distribution of letters and flats.
In the comments, the groups contend that it’s time “to abandon the assumption that most mail processing activities are nearly 100-percent volume variable. That assumption lacks empirical support.” Calling for the Postal Regulatory Commission to approve the USPS’s costing proposal, the groups also urge the Commission to look beyond it and to hold the Postal Service accountable for rightsizing its flats sorting operations in response to volume declines.
VP & Deputy Director