Costco reports strong Q4, fiscal year 2023 results

Costco reported operating results for the fourth quarter, and the 53-week fiscal year ended Sept. 3, 2023.

Costco’s net sales for the quarter were $77.43 billion, an increase of 9.4% from $70.76 billion in the same period last year. Net sales for fiscal year 2023 was $237.71 billion, an increase of 6.7% from $222.73 billion in the prior year period.

The big box retailer's net income for the fourth quarter was $2.160 billion, $4.86 per diluted share, compared to $1.868 billion, $4.20 per diluted share, in the prior year period.

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The Issaquah, Wash.-based retailer's net income for the fiscal year was $6.292 billion, $14.16 per diluted share, compared to $5.844 billion, $13.14 per diluted share, in the 52-week prior year.

Grocery staples were part of Costco's growth, while customers held back on big-ticket items like furniture and electronics. “Overall, food and sundries were relatively strong once again, with fresh foods right behind,” Richard Galanti, chief financial officer said during the earnings call.

Costco also saw an increase of 5% in U.S. store traffic during the most recent period. 

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Costco currently operates 861 warehouses, including 591 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, five in China, four in Spain, two in France and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.