Company posts double-digit gains in sales, same-store sales

ISSAQUAH, Wash. — Costco Wholesale Corp. reported that net sales for the company’s third quarter totaled $51.61 billion, a 16.3% increase over the $44.38 billion reported for the comparable period last year. Net sales for the year-to-date period ending May 8 increased 16.4%, to $151.97 billion, from $130.61 billion last year.

Comparable sales for the quarter were up 16.3%  in the United States, or 10.7% when adjusted to exclude the impacts from changes in gasoline prices and foreign exchange. For the whole company, the comparable sales increase was 14.9%, or 10.8% adjusted.

Net income for the quarter was $1.35 billion, which included a one-time $77 million pretax charge for incremental benefits awarded under the new employee agreement effective March 14. Last year’s third-quarter net income was $1.22 billion, which included $57 million pretax, in COVID-19 related costs, primarily from $2 per hour premium pay. Net income for the first 36 weeks of fiscal 2022 was $3.98 billion, up from $3.34 billion last year.

Costco finished the quarter with 830 warehouse clubs, including 574 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland.