1. News
September 23, 2022

Costco registers 16.0% growth in full-year net sales for FY22

Diluted net income for each of the retailer's common shares was $13.14.

US-based retail corporation Costco Wholesale has reported that its net sales for the fiscal year 2022 (FY22) increased by 16.0% to $222.73bn, up from $192.05bn in the prior year (FY21).

In the 52 weeks to 28 August, the company’s sales in the US and Canada grew by 15.8% and 15.2% respectively, while its e-commerce sales rose by 10.1%.

Net income attributable to Costco in the year was $5.84bn, against $5.01bn in FY21.

The company’s full-year earnings per diluted share (EPS) increased from $11.27 to $13.14 year-on-year.

During the fourth quarter (Q4) of FY22, Costco’s net sales were $70.8bn, up by 15.2% from $61.44bn in the same period of FY21.

The company’s sales in the US grew by 15.8% during the quarter, while its sales in Canada and other international regions were 13.4% and 2.9% respectively.

In addition, Costco’s digital sales rose by 7.1% in the three-month period.

Costco’s net income for the 16 weeks was $1.87bn, up from $1.67bn in FY21, while its EPS were $4.20 against $3.76 a year earlier.

Costco Wholesale Corporation operates an international chain of membership warehouses, mainly under the Costco Wholesale banner.

As of the end of FY22, the retailer operated a network of 838 warehouses, including 578 in the US and Puerto Rico, 107 in Canada and 40 in Mexico.

In the Asia-Pacific region, the company owned 31 warehouses in Japan, 17 in Korea, 14 in Taiwan, 13 in Australia and two in China.

It also has four warehouses in Spain, two in France, one in Iceland and 29 in the UK.

In addition, Costco operates online stores in the US, Canada, the UK, Mexico, Korea, Taiwan, Japan and Australia.

Last December, the retailer reported a 16.7% increase in net sales from $42.35bn to $49.42bn for the first quarter of FY22.