Costco reports steady Q2, fiscal year results

Costco Wholesale Corporation announced its operating results for the second quarter and the first 24 weeks of fiscal 2022, ended Feb. 13, 2022.

Revenue rose to $51.9 billion, from $44.8 billion a year ago, topping Wall Street expectations but exhibiting slowing growth as much of the world moves beyond the pandemic.

The retailer saw net sales for the quarter increase 16.1% to $50.94 billion, from $43.89 billion last year. Net sales for the first 24 weeks increased 16.4%, to $100.35 billion, from $86.23 billion last year.

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Net income for the quarter was $1,299 million, $2.92 per diluted share, up from $951 million, or $2.14 per diluted share, in the second quarter of last year, which included $246 million pretax, $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Net income for the first 24 weeks was $2.62 billion, or $5.90 per diluted share, compared to $2.12 billion, $4.76 per diluted share, last year.

For February, Costco reported net sales of $16.29 billion, an increase of 15.9% from $14.05 billion last year. The company cited an earlier-than-usual Lunar New Year holiday as reason for a dip in February sales.

Costco currently operates 828 warehouses, including 572 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. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.