Without the impact from changes in gasoline prices and foreign exchange the company adjusted sales would be an increase of 3.5% in the quarter. E-commerce dropped -10%.
quarter 2023 results. Total company sales decreased 0.3% or $53.6 billion in the 12 weeks ended May 7, 2023. In the previous year the company reported 53.0 billion.
Net income attributable to Costco was $1,302 million compared to last year’s $1,353 million. Diluted shares were $2.93 per diluted share compared to $3.04 per diluted share in 2022. There were about 566 fewer shares outstanding at the end of this year’s third quarter than at the same time last year. Management discussed the effect of lower inflation. During the height of the pandemic inflation was about 8% to 9% according to Richard Galanti, CFOof Costco. It has now dropped in some categories like eggs, meat and nuts to a 3-4% range and other prices are dropping. During the height of the pandemic, when merchandise and supplies were delayed on ships because of overcrowding of West Coast ports, Costco bought cargo ships and containers, in order to expedite the merchandise.
The company now operates 853 warehouses including 567 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 32 in Japan, 29 in the United Kingdom, 18 in Korea, 11 in Taiwan, 14 in Australia, 4 in Spain 3 in China, 2 in France and one each in Iceland, New Zealand and Sweden. A fifth warehouse opened in China yesterday and another one is under construction. E-commerce sites are in the U.S., Canada, the U.K., Mexico, Korea, Taiwan and Australia.
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