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Costco Corporation Posts Q4 and FY2022 Results

09/22/2022

On September 22nd Costco Wholesale Corporation (COST) posted results for Q4 and FY2022 ending August 28th. For the quarter, the Company earned $1,868 million on revenue (including fuel and membership fees) of $72,091 million with a diluted EPS of $4.20.  For the corresponding Q4 of FY2021, Costco earned $1,670 million on equivalent revenue of $62,675 million with a diluted EPS of $3.76.  Revenue was 15.0 percent higher than in Q4 of FY2021 and net earnings rose by 11.9 percent. Gross margin for Q4 FY2022 declined to 10.1 percent compared to 10.9 percent in Q4 FY2021 attributed to higher cost of goods sold in an inflationary environment. Concurrently operating margin fell from 3.6 percent in Q4 FY2021 to 2.2 percent for the most recent quarter associated with increased freight, transport, wages and utilities.

 

For FY 2022, the Company earned $5,844 million on revenue (including fuel and membership fees) of $226,954 million with a diluted EPS of $13.14.  For FY2021, Costco earned $5,007 million on equivalent revenue of $195,929 million with a diluted EPS of $11.27

 

Total adjusted comparable same-store sales for FY 2022 (excluding fuel) attained 10.6 percent. U.S. same store sales were up 10.4 percent; Canada by 12.1 percent and the Other International category, 11.2 percent.

 

On August 28th Costco posted total assets of $64,166 million, up 8.3 percent from Q4 FY2020. Long-term debt and lease obligations attained $43,519 million. Costco had an intraday market capitalization of $215,800 million on September 23rd. The Company has traded over the past fifty-two weeks in a range of $406.51 to $612.27 with a 50-day moving average of $528.68.

 

Twelve-month trailing operating margin was 3.5 percent and profit margin 2.6 percent.  The Company generated a return on assets of 10.1 percent and 38.8 percent on equity.

 

At the end of Q4 FY2022, Costco operated 838 warehouses. There are 578 in the U.S; 107 in  Canada; 40 in Mexico; 31 in Japan; 29 in the U.K. and 53 others in seven nations among the E.U., Asia and Australia.