2.4 Days on Average to Deliver a Mailpiece or Package Across Postal Network

Costco Wholesale Corporation reported net sales of $20.14 billion for the retail month of November, the four weeks ended November 26, 2023, an increase of 5.1 percent from $19.17 billion last year. For the twelve weeks ended November 26, 2023, the Company reported net sales of $56.71 billion, an increase of 6.1 percent from $53.44 billion for the twelve weeks of fiscal year 2023 ended November 20, 2022. Net sales for the twelve weeks were benefitted by approximately one-half to one percent in the U.S. and worldwide from the shift of the fiscal calendar, as a result of the fifty-third week in fiscal year 2023.

Sales on a reported and daily basis in the quarter increased 19.6% as compared to the second quarter of 2021. Excluding the unfavorable foreign exchange impact of 2.4%, sales on a daily, constant currency basis were up 22.0% compared to the second quarter of 2021. Gross profit margin for the second quarter of 2022 was 37.6%, a 255 basis point increase compared to the second quarter of 2021. The increase was driven by favorability in both segments and includes the lap of a $63 million pandemic product inventory adjustment in the prior year period within the High-Touch Solution N.A. segment. Operating earnings for the second quarter of 2022 of $534 million were up 60% versus the second quarter of 2021. Operating margin in the quarter of 13.9% increased 350 basis points over the second quarter of 2021 on stronger gross margins in both segments combined with 95 basis points of SG&A leverage gained on strong top-line growth.

On July 27, the U.S. Department of Labor (DOL) put a new rule into effect that allows employee benefit plan administrators to use an electronic “notice-and-access” disclosure system as the default method of communication, making it much more difficult for millions of Americans who currently receive critical, paper-based information about their 401k, pension and retirement plans to access this information. This includes information called for under the Employee Retirement Income Security Act (ERISA), including quarterly benefits statements, plan summaries and plan changes. This new rule puts many at a disadvantage, particularly the 10% of Americans who say they do not use the internet. According to a 2019 Pew Research Center survey, the size of this group has changed little in recent years, despite ongoing government and social service programs to encourage internet adoption in underserved areas. Among those most disadvantaged by this new rule are senior citizens, (27% of whom do not use the internet), low-income families, people with disabilities and those living in rural or other areas with little or no access to the internet.