Costco Wholesale Corporation Reports June Sales Results and Announces Quarterly Cash Dividend and Plans for Membership Fee Increase
In This Article:
ISSAQUAH, Wash., July 10, 2024 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $24.48 billion for the retail month of June, the five weeks ended July 7, 2024, an increase of 7.4 percent from $22.78 billion last year.
Net sales for the first 44 weeks were $210.55 billion, an increase of 6.9 percent from $196.93 billion last year.
Comparable sales were as follows:
|
| 5 Weeks |
| 44 Weeks |
| U.S. | 5.6% |
| 4.4% |
| Canada | 5.2% |
| 7.3% |
| Other International | 4.3% |
| 8.5% |
|
|
|
|
|
| Total Company | 5.3% |
| 5.4% |
|
|
|
|
|
| E-commerce | 18.4% |
| 15.2% |
|
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|
|
|
Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were as follows:
|
| 5 Weeks |
| 44 Weeks |
| U.S. | 6.3% |
| 4.8% |
| Canada | 8.4% |
| 8.1% |
| Other International | 8.7% |
| 8.1% |
|
|
|
|
|
| Total Company | 6.9% |
| 5.6% |
|
|
|
|
|
| E-commerce | 19.1% |
| 15.2% |
|
|
|
|
|
Additional discussion of these results is available in a pre-recorded message. It can be accessed by visiting investor.costco.com (click on “Events & Presentations”). This message will be available through 4:00 p.m. (PT) on Wednesday, July 17, 2024.
The Company also announced today that its Board of Directors has declared a quarterly cash dividend on Costco common stock of $1.16 per share. The quarterly dividend is payable August 9, 2024, to shareholders of record at the close of business on July 26, 2024.
The Company also announced that, effective September 1, 2024, it will increase annual membership fees by $5 for U.S. and Canada Gold Star (individual), Business, and Business add-on members. With this increase, all U.S. and Canada Gold Star, Business and Business add-on members will pay an annual fee of $65. Also effective September 1, annual fees for Executive Memberships in the U.S. and Canada will increase from $120 to $130 (Primary membership of $65, plus the Executive upgrade of $65), and the maximum annual 2% Reward associated with the Executive Membership will increase from $1,000 to $1,250. The fee increases will impact around 52 million memberships, a little over half of which are Executive.
Costco currently operates 882 warehouses, including 609 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, seven 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.
