Costco Wholesale Corporation Reports September Sales Results

The Postal Service’s Expanded Election Mail Task Force, which was recently announced by Postmaster General Louis DeJoy to enhance already-existing Election Mail efforts, held its inaugural meeting today. The meeting was productive and included the leadership of all four of the major unions of the Postal Service, as well as the leaders of our management associations. The Task Force members reviewed current plans to ensure and affirm that the Postal Service is prepared to deliver on the election. All parties at the meeting are fully focused on the mission and the importance of ensuring the election remains the number one priority for the more than 630,000 employees of the Postal Service.

Hurricane Harvey’s impact on the Texas Gulf Coast resulted in the temporary suspension of mail delivery service, as well as the closure of some postal facilities in the Postal Service’s Rio Grande District. We realize our customers depend on the mail every day and we are working hard to reconnect customers with their mail as quickly as possible. Today, the U.S. Postal Service Rio Grande District is providing additional information on how customers displaced by Hurricane Harvey can retrieve Treasury checks they receive, via U.S. Mail. This includes checks from the Social Security Administration, Veterans Administration (VA), Office of Personnel Management (OPM) and Railroad Retirement Board. In addition, we will be distributing any identifiable medications sent through the mail. We realize the importance of ensuring customers receive these items. Click Read More below for additional detail.

Fourth Quarter 2022 Results - Sales increased 1% to $448.0 million, compared to $443.1 million during the same period last year. Sales include a $38.4 million unfavorable impact related to the voluntary recalls, which impacted certain products in Coolers & Equipment. Gross profit decreased 34% to $167.0 million, or 37.3% of sales, compared to $254.8 million, or 57.5% of sales, in the fourth quarter of 2021. Gross profit included a $97.0 million, or 1,700 basis points, unfavorable impact related to the voluntary recalls. Gross profit was also negatively impacted by higher inbound freight, higher product costs, and the unfavorable impact of foreign currency exchange rates, partially offset by favorable channel mix and the price increases implemented in the first quarter of 2022. Full Year 2022 Results - Sales increased 13% to $1,595.2 million, compared to $1,411.0 million in the prior year. Sales include a $38.4 million unfavorable impact related to the voluntary recalls, which impacted certain products in Coolers & Equipment. Gross profit decreased 6% to $763.4 million, or 47.9% of sales, compared to $816.1 million, or 57.8% of sales in the prior year. Gross profit included a $97.0 million, or 480 basis points, unfavorable impact related to the voluntary recalls. Gross profit was also negatively impacted by higher inbound freight, higher product costs, and the unfavorable impact of foreign currency exchange rates, partially offset by the price increases implemented in the first quarter of 2022.