In the fourth quarter, Costco Wholesale Corp. had strong results in home-oriented categories and beat a Wall Street estimate on earnings, although revenues didn’t meet expectations.
For the 16-week fiscal fourth quarter, net income was $2.35 billion, or $5.29 per diluted share, versus $2.16 billion, or $4.86 per diluted share, in the 17-week fiscal period a year earlier, Costco reported.
A MarketBeat analyst consensus estimate called for earnings per diluted share of $5.05 and revenues of $79.91 billion.
Comparable sales, without the effect of fuel price volatility and foreign exchange rate fluctuations, were up 6.3% in the United States, 7.9% in Canada, and 9.3% in other international markets year over year for a company total of 6.9%. E-commerce comps gained 19.5% adjusted for FX.
Net sales were $78.19 billion and total revenues were $79.7 billion versus $77.43 billion and $78.94 billion in the year-before quarter, the company maintained. Operating income was $3.04 billion versus $2.78 billion, respectively, in the year-previous period.
For the 52-week fiscal year, Costco indicated net income was $7.37 billion, or $16.56 per diluted share, versus $6.29 billion, or $14.16 per diluted share, in the 53-week fiscal year earlier.
Net sales were $249.63 billion and total revenues were $254.45 billion versus $237.71 billion and $242.29 billion, respectively, in the year before, the company noted. Operating income was $9.29 billion versus $8.11 billion in the previous year.
In a conference call, Ron Vachris, Costco, president and CEO, stated that the company hit its target of 30 new warehouse openings in fiscal 2024, including one relocation. Costco opened its first store in Maine, which means it now operates in 47 U.S. states. In fiscal 2025, Costco plans to continue expanding in the U.S. and globally, debuting 29 new locations, with three relocations and 12 outside the United States.
Gary Millerchip, executive vice president and CFO, noted that store traffic increased 5.6% in the U.S. while average ticket, sans fuel and foreign exchange, was up 0.6%. In terms of merchandising categories, Non Foods comps led with home furnishings and housewares up in the double digits in the quarter year over year. Fresh Food and Food & Sundries trailed.
Costco currently operates 891 warehouse clubs, including 614 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 35 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco operates e-commerce websites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.
