Costco Wholesale Corporation Reports August Sales Results

The Postal Regulatory Commission issued its FY 2021 Annual Compliance Determination (ACD) assessing the Postal Service’s compliance with rates and service standards. The Commission is required to issue its ACD 90 days after the filing of the Postal Service’s Annual Compliance Report (39 U.S.C. Section 3653). This ACD is the first compliance review by the Commission following its implementation of new pricing rules for Market Dominant products in FY 2021. Those rules included new rate authority mechanisms, new requirements for workshare discounts and non-compensatory products, and several procedural changes. The Commission’s primary areas of review, its findings, as well as recommendations and directives, include: MARKET DOMINANT RATES AND FEES; COMPETITIVE PRODUCTS RATES AND FEES; SERVICE PERFORMANCE; FLAT-SHAPED MAIL

“With over 85% of all digital advertising being allocated to foreign platforms, the entire Canadian media sector remains significantly distressed. Yet Canadians’ appetite for trusted journalism has never been higher,” said Andrew MacLeod, President and CEO. “Initiatives like the Journalism Tax Credit and bill C18 implemented by the Federal government are providing critical support. Ultimately our industry’s future will be determined by Canadian media companies’ ability to capture a greater share of the market and so we applaud the Ontario government for their commitment to spending 25% of their advertising dollars on Ontarian media platforms.” Revenue for the quarter was $100.8 million as compared to $111.2 million in the same period in the prior year, representing a decrease of $10.4 million (9.3%). The revenue decrease was primarily due to decreases in advertising revenue of $6.5 million (12.0%) circulation revenue of $3.4 million (9.4%) and other revenue of $1.6 million (16.6%), partially offset by increases in parcel revenue of $1.2 million (10.8%). Net loss in the quarter ended May 31, 2024 was $15.9 million, as compared to a net loss of $24.8 million in the same period in the prior year.

*Net sales of $1.1 billion down 5% as compared to last year, reflecting the adverse impact of COVID-19. *Digital net sales increased 34% to $639 million reflecting robust growth in every month of the quarter. *Gross profit rate improved 230 basis points to 60.5% on higher average unit retail and slightly lower average unit cost. *Operating income of $116 million and $131 million on a reported and adjusted non-GAAP basis, respectively, as compared to $122 million and $125 million last year, on a reported and adjusted non-GAAP basis, respectively. A summary of results for the full year ended January 30, 2021 as compared to the full year ended February 1, 2020: *Net sales of $3.1 billion down 14% as compared to last year, reflecting the adverse impact of COVID-19. *Digital net sales increased 39% to approximately $1.7 billion. *Gross profit rate improved by 110 basis points to 60.5% on higher average unit retail and flat average unit cost. *Operating loss of $20 million and operating income of $52 million on a reported and adjusted non-GAAP basis, respectively. This compares to operating income last year of $70 million and $83 million on a reported and adjusted non-GAAP basis, respectively.