• Delivers GAAP EPS of 27 cents, adjusted EPS of 32 cents and sequential increase in operating margin to 9.2% • Generates strong cash flow of $878 million in the quarter, $1.6 billion full-year • Services segment delivers revenue of $2.6 billion and double-digit growth in signings in the quarter • Document Technology continues to deliver strong operating margin and remains the industry equipment share revenue leader
Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $14.41 billion for the retail month of September, the five weeks ended October 6, 2019, an increase of 5.6 percent from $13.64 billion last year.
Retailers wasted no time in responding to the Trump administration’s announcement imposing a 10% tariff on $300 billion worth of Chinese imports set to take effect on Sept. 1. The new tariffs will apply to a large array of goods, including iPhones and other consumer electronics, toys and sneakers. “The list of products these tariffs will hit are almost entirely consumer-oriented,” said Hun Quach, VP of international trade, Retail Industry Leaders Association. “This new 10% tariff on Chinese imports is a direct hit on consumer products and family budgets, plain and simple. Tariffs are taxes on American consumers. And if these tariffs happen, American consumers will bear the brunt of these tactics via higher prices on everyday items like clothing, toys, home goods, and electronics.” The National Retail Federation also issued its objections.
The Postal Regulatory Commission today released its Financial Analysis report of the Postal Service’s 2019 financial results. The report was developed using information from the Postal Service’s Fiscal Year (FY) 2019 10-K Statement and measured against its FY 2018 and FY 2019 Integrated Financial Plan, Cost and Revenue Analysis report, Cost Segments and Components report, and the Revenue, Pieces, and Weight report. Each year, the Commission releases its financial analysis of the Postal Service’s finances for the prior Fiscal Year. The FY 2019 analysis does not include the impact of COVID-19 on the Postal Service. However, unaudited current volumes and preliminary financial forecasts provided by the Postal Service point to precipitous declines in mail volume and revenue, which would exacerbate the large financial losses it experienced in FY 2019. The Commission continues to communicate with the Postal Service and policymakers regarding the effects of the COVID-19 pandemic and the rapidly evolving financial situation of the Postal Service.The financial position of the Postal Service is dire. In FY 2019, the Postal Service had a net loss from operations of $3.2 billion.