ISSAQUAH, Wash. – Costco Wholesale Corp. said net sales for the 16-week fourth quarter, ended Aug. 30, increased 12.5% to $52.28 billion. Net sales for the 52-week fiscal year increased 9.3% to $163.22 billion.
E-commerce sales are soaring, the company reported.
Comparable e-commerce sales were up 90.6% for the 16-week fourth quarter and were up 49.5% for the 52 weeks.
Comparable sales for the 16-week quarter in the U.S. were up 11% and were up 8.1% for the 52 weeks. For the total company, comparable sales were up 11.4% for the 16 weeks and 7.7% for the 52 weeks.
Net income for the fourth quarter was $1.389 billion, or $3.13 per diluted share, compared with $1.097 billion, or $2.47 per diluted share last year. This year’s fourth quarter was negatively impacted by incremental expense related to COVID-19 premium wages and sanitation costs of $281 million pretax and a $36 million pretax charge related to the prepayment of $1.5 billion of debt. These items were partially offset by an $84 million pretax benefit for the partial reversal of a reserve of $123 million pretax, related to a product tax assessment taken in the fourth quarter of last year.
Net income for the fiscal year was $4 billion, or $9.02 per diluted share, compared with $3.66 billion, or $8.26 per diluted share in the prior year.
Costco currently operates 795 warehouses, including 552 in the United States and Puerto Rico, 101 in Canada, 39 in Mexico, 29 in the United Kingdom, 27 in Japan, 16 in Korea, 13 in Taiwan, 12 in Australia, three in Spain, and one each in Iceland, France and China.
Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.