Net sales increased 43% to $51.0 billion in the first quarter, compared with $35.7 billion in first quarter 2017. Excluding the $1.6 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 39% compared with first quarter 2017. Operating income increased 92% to $1.9 billion in the first quarter, compared with operating income of $1.0 billion in first quarter 2017. Net income was $1.6 billion in the first quarter, or $3.27 per diluted share, compared with net income of $724 million, or $1.48 per diluted share, in first quarter 2017. Click Read More below for additional information.
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 30, 2015.
Net sales for the fourth quarter were $34.99 billion, an increase of one percent from $34.75 billion in fiscal 2014. Net sales for the fiscal year were $113.67 billion, an increase of three percent from $110.21 billion last year.
Net income for the fourth quarter was $767 million, or $1.73 per diluted share, compared to $697 million, or $1.58 per diluted share, last year.
Net income for this fiscal year was $2.38 billion, or $5.37 per diluted share, compared to $2.06 billion, or $4.65 per diluted share, last year. Net income this year was positively impacted by a $57 million ($.13 per diluted share) tax benefit in connection with a second-quarter special cash dividend received by the Company 401(k) plan participants.
Costco currently operates 686 warehouses, including 480 in the United States and Puerto Rico, 89 in Canada, 36 in Mexico, 27 in the United Kingdom, 23 in Japan, 12 in Korea, 11 in Taiwan, seven in Australia and one in Spain. The Company plans to open up to an additional 12 new warehouses (including one relocation) before the end of calendar year 2015. Costco also operates e-commerce web sites in the U.S., Canada, the United Kingdom and Mexico.