Summary
Costco Wholesale Corporation filed an amendment to its Annual Report on Form 10-K for the fiscal year ended August 31, 2008, primarily to correct a presentation in its Consolidated Statements of Cash Flows. The company demonstrated robust performance with a 12.5% increase in net sales to $70.98 billion, driven by an 8% comparable warehouse sales growth and the opening of 24 new warehouses. Membership fees saw a healthy 14.7% rise to $1.51 billion, bolstered by new memberships and increased Executive membership penetration. Gross margin remained stable at 10.53%, while Selling, General, and Administrative (SG&A) expenses as a percentage of net sales decreased. Net income grew by 18.5% to $1.28 billion, or $2.89 per diluted share. The company also continued its commitment to shareholders by repurchasing approximately $886.9 million of its common stock and increasing its quarterly cash dividend. Despite general economic uncertainties, Costco's business model appeared resilient, with strong operational execution and continued expansion.
Financial Highlights
30 data points| Revenue | $72.48B |
| Cost of Revenue | $63.50B |
| Gross Profit | $8.98B |
| SG&A Expenses | $6.95B |
| Operating Income | $1.97B |
| Interest Expense | $103.00M |
| Net Income | $1.28B |
| Shares Outstanding (Basic) | 434.44M |
| Shares Outstanding (Diluted) | 444.24M |
Key Highlights
- 1Net sales increased by 12.5% to $70.98 billion, driven by a strong 8% increase in comparable warehouse sales.
- 2Membership fees grew by 14.7% to $1.51 billion, reflecting membership growth and higher Executive membership penetration.
- 3Net income rose 18.5% to $1.28 billion, translating to diluted earnings per share of $2.89, a significant increase from the prior year.
- 4The company repurchased approximately $886.9 million of its common stock during the fiscal year, demonstrating a commitment to returning capital to shareholders.
- 5Costco continued its expansion strategy, opening a net of 24 new warehouses, indicating confidence in future growth.
- 6Gross margin remained strong and stable at approximately 10.53% of net sales, reflecting efficient operations.
- 7The company increased its quarterly cash dividend, signaling financial health and confidence in future earnings.