Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $22.75 billion for the retail month of September, the five weeks ended October 1, 2023, an increase of 6.0 percent from $21.46 billion last year. The five-week period this year included the last week of the 53-week fiscal year 2023 ended September 3, 2023.
details at: https://investor.costco.com/news/news-details/2023/Costco-Wholesale-Corporation-Reports-September-Sales-Results/default.aspx
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Commenting on the results, Chief Executive Robert Thomson said: “We have begun Fiscal 2025 robustly, with record first quarter revenue, strong net income and record first quarter profitability. Revenue rose 3 percent year-over-year to $2.58 billion, while our net income jumped 148 percent to $144 million. Total Segment EBITDA surged 14 percent to $415 million, and our EPS were 21 cents compared to 5 cents in same quarter last year. That we have achieved these record first quarter results in macro-conditions which are far from auspicious is compelling evidence of the successful transformation of News Corp over the past decade. Meanwhile, the just-completed election has highlighted the importance of trusted journalism in a media maelstrom in which some journalists mistake virtue signaling for virtue. Artificial intelligence recycles informational infelicities and it is critical that journalistic inputs have integrity, which is why our partnership with OpenAI is so crucial and why we intend to sue AI companies abusing and misusing our trusted journalism. Dow Jones and the New York Post have started proceedings against the perplexing Perplexity, which is selling products based on our journalism, and we are diligently preparing for further action against other companies that have ingested our archives and are synthesizing our intellectual property.”
*Net sales increased 13% to $143.1 billion in the third quarter, compared with $127.1 billion in third quarter 2022. Excluding the $1.4 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with third quarter 2022. *Operating income increased to $11.2 billion in the third quarter, compared with $2.5 billion in third quarter 2022. *Net income increased to $9.9 billion in the third quarter, or $0.94 per diluted share, compared with $2.9 billion, or $0.28 per diluted share, in third quarter 2022.
As an American friend said to me recently: “if you ain’t growing, you are shrinking”, and having given that rather asinine statement a decent amount of thought, I think that they may be right… In recent weeks, we have witnessed Time and Rolling Stone magazines change hands and getting new chunks of money, and today we are announcing that we are creating a new magazine for the European Airline Transavia France. And all of this comes on the back of the fact that we have never had a busier year both in terms of growth and advertisers flocking to our print magazines and digital products. We are all currently being bombarded by “commentators” and “journalists” saying that the print media business is over... but knowing what I know about media and travel media specifically, I think that is both a naïve and a false statement. We are currently seeing an average 3 – 5 % annual growth in passenger numbers across the airline world with some of our partners reporting increases as large as 9%. That more bums on seats and more people/eyeballs for our magazines. Click Read More below for additional information.