Costco Wholesale Corporation Reports June Sales Results

Highlights: *Net sales of $5 billion, down 7% versus the first quarter of 2022. -Brick-and-mortar sales decreased 6% versus the first quarter of 2022. -Digital sales decreased 8% versus the first quarter of 2022. *Comparable sales down 7.9% on an owned basis and down 7.2% on an owned-plus-licensed basis. *Gross margin rate for the quarter was 40.0%, up from 39.6% in the first quarter of 2022. Versus the first quarter of 2019, gross margin rate increased 180 basis points from 38.2%.

Kohl’s and Volta Industries, Inc. announced they will bring 100 electric vehicle (EV) charging stations to 50 additional Kohl’s stores this year, marrying Kohl's expansive customer reach with Volta’s electric vehicle charging experience. With this expansion, Kohl’s customers will have access to 275 charging stations at more than 150 Kohl’s locations across 22 states. Kohl’s store locations offering the convenience of EV charging can be found with the store locator tool on Kohls.com. “Kohl’s has a number of sustainability goals that we seek to make progress against including climate change and the transition to a low-carbon transportation system. These goals not only support environmentally conscious transportation solutions, but mark a reflection of the expectations that our associates, customers and communities have for our role in achieving long-term sustainability,” said Steve Thomas, Kohl’s Chief Risk & Compliance Officer. “Bringing additional electric vehicle charging stations to our store network with a partner like Volta adds an important sustainability touchstone and added convenience for Kohl’s employees and shoppers.”

The United States Court of Appeals for the District of Columbia ruled today in favor of Valancourt Books, a small Virginia publisher and AAP member company, in an important copyright case that rejects the Government’s argument that depositing books with the Library of Congress without compensation and under threat of substantial penalties is a condition of copyright protection. In reversing the lower court, the Appeals Court also rejected the Government’s position that abandoning one’s copyrights within the current legal framework is a viable alternative to avoiding the deposit requirement. The opinion found “mandatory deposit” (section 407 of the Copyright Act) unconstitutional as applied to physical books. In the case, the Library made repeated demands for copies of Valancourt titles under the pain of fines despite Valancourt’s objections that they would be costly to provide. The Court did not address the publisher’s First Amendment claim because it was unnecessary to do so. AAP’s amicus curiae brief in support of Valancourt was cited in the opinion.