Costco Wholesale Corporation Reports First Quarter Fiscal Year 2022 Operating Results

South Dakota’s Supreme Court affirms a lower court ruling against a state law designed to challenge the prevailing law that allows many online retailers to avoid collecting sales tax. Since the birth of e-commerce, online retailers have been shielded from the requirement to collect sales tax from consumers who live in those states where the retailer does not have a physical presence, such as an office, store or warehouse. The U.S. Supreme Court likely will soon have the chance to change that. The question of whether out-of-state online retailers can be required to collect sales tax moved a big step closer to the nation’s highest court today when the South Dakota Supreme Court upheld a lower court’s decision barring enforcement of a 2016 state law that requires larger e-retailers to collect sales tax from South Dakota residents and remit them to the state. Click Read More below for additional detail.

The U.S. Postal Service provided updated third quarter service performance data through the week of June 25th which shows consistent and improved delivery performance across all First-Class, Marketing and Periodical mail categories since the second quarter. Performance numbers below include the weeks of April 1 through June 25: *First-Class Mail: 87.5 percent of First-Class Mail delivered on-time against the USPS service standard, a more than 9 percent increase over the second quarter. *Marketing Mail: 90.9 percent of Marketing Mail delivered on time against the USPS service standard, a nearly 6 percent increase over the second quarter. *Periodicals: 79.2 percent of Periodicals delivered on time against the USPS service standard, a nearly 8 percent increase over the second quarter.

•Total revenue was $122.7 billion, an increase of $5.1 billion, or 4.4%. Excluding currency2, total revenue was $120.7 billion, an increase of $3.2 billion, or 2.7%. •Walmart U.S. comp sales1,2 increased 2.1%, and comp traffic increased 0.8%. •Sam's Club comp sales1,2 increased 3.8% led by comp traffic growth of 5.6%. Tobacco sales negatively impacted comp sales by approximately 140 basis points •The company generated $5.2 billion in operating cash flow. Click Read More below for additional information.