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Costco Wholesale Corporation (COST+0.17%) has submitted its 10-Q filing for the quarterly period ended November 24, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $60,985 million from $56,717 million in the same quarter the previous year. The increase is attributed to higher comparable sales and the opening of 26 new warehouses.
Membership fees rose to $1,166 million, driven by new member sign-ups and upgrades to Executive Membership. The renewal rates were reported at 92.8% in the U.S. and Canada and 90.4% worldwide.
Costco's gross margin percentage increased by 24 basis points, with core merchandise categories contributing positively to this increase.
Selling, general, and administrative expenses as a percentage of net sales increased by 14 basis points, impacted by higher wage costs.
Net income for the quarter was $1,798 million, or $4.04 per diluted share, compared to $1,589 million, or $3.58 per diluted share, in the previous year.
The company declared a quarterly cash dividend of $1.16 per share, paid on November 15, 2024.
Cash provided by operating activities was $3,260 million, while cash used in investing and financing activities was $985 million and $1,193 million, respectively.
Costco reported total assets of $73,386 million, up from $69,831 million at the end of the previous fiscal year.
The filing also details ongoing legal proceedings, including class action suits related to labor law violations and privacy law allegations.
Costco continues to focus on expanding its warehouse network and enhancing its e-commerce operations to drive sales growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Costco Wholesale Corporation quarterly 10-Q report dated December 19, 2024. To report an error, please email earnings@qz.com.