LONDON, UK / ACCESSWIRE / October 13, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Costco Wholesale Corp. (NASDAQ: COST), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=COST, following the Company’s posting of its financial results for the fourth quarter fiscal 2017 (Q4 FY17) and full fiscal 2017 (FY17) on October 5, 2017. The Issaquah, a Washington-based Company, reported a 15.8% and 8.7% y-o-y growth in its net sales in Q4 FY17 and full year FY17, respectively. Our daily stock reports are accessible for free, and with those to look forward to today, you also will be signing up for a complimentary member’s account at:
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Costco reported total revenue of $42.30 billion in Q4 FY17, which was above the $36.56 billion recorded in Q4 FY16. Total revenue numbers topped market forecasts of $41.55 billion. The Company’s quarterly net sales came in at $41.36 billion versus $35.73 billion in the year-ago comparable period. The Company benefited from the extra week in the reported quarter and growth in comparable sales figure. Moreover, the company received membership fees of $943 million in Q4 FY17, rising from $832 million in Q4 FY16.
The warehouse club retailer net income attributable to Costco increased to $919 million, or $2.08 per diluted share, in Q4 FY17 from $779 million, or $1.77 per diluted share, in Q4 FY16. Meanwhile, Wall Street had expected the Company to report net income of $2.02 per diluted share for Q4 FY17.
During FY17, the Company’s total revenues were $129.03 billion, compared to $118.72 billion a year ago. Net sales came in at $126.17 billion for FY17, up from $116.07 billion in FY16. The Company’s net income attributable to Costco stood at $2.68 billion, or $6.08 per diluted share, for FY17, compared to $2.35 billion, or $5.33 per diluted share, recorded in FY16. Additionally, the Company’s net income was positively impacted by the tax benefit in connection with the Q3 FY17 special cash dividend and other net benefits for non-recurring net legal and other matters.
The global retailer inaugurated 12 new warehouses in Q4 FY17 taking the tally of new warehouses to 26 during full year FY16. At the end of fiscal year of September 3, 2017, the Company operated 741 warehouses, with 514 in the United States and Puerto Rico, 97 Costco warehouses in Canada, 37 warehouses in Mexico, along with 28 in the United Kingdom, 26 in Japan, 13 in Korea, 13 in Taiwan, 9 in Australia, 2 in Spain, and 1 each in France and Iceland.
In Q4 FY17, the Company’s reported comparative store sales growth of 6.1% as the Company benefitted from gasoline price, while it was hurt slightly by a Forex translation. For the reported quarter, merchandise costs were $36.70 billion, compared to $31.65 billion in Q4 FY16. The Company’s selling, general, and administrative also increased during Q4 FY17 to $4.12 billion from $3.70 billion in the last year’s comparable quarter. Costco’s operating income came in at $1.45 billion for Q4 FY17 which was $259 million, or 22%, higher than the $1.19 billion recorded in the year ago same quarter.
Cash Matters and Balance Sheet
Costco had cash and cash equivalents worth $4.55 billion at the close of its books on September 3, 2017, versus cash and cash equivalents worth $3.38 billion as on August 28, 2016. The Company increased its long-term debt during the fiscal year, which stood at $6.57 billion as on September 03, 2017, compared to $4.06 billion as on August 28, 2016. The Company had merchandise inventories to the tune of $9.83 billion as on September 03, 2017, versus $8.97 billion as on August 28, 2016. Furthermore, average inventory per warehouse stood at $12.28 million per warehouse in Q4 FY17, compared to $11.85 million per warehouse in the last year’s comparable quarter.
In Q4 FY17, the Company repurchased 1.5 million shares of its common stock worth $240 million at an average price of $159.21 per share. In FY17, Costco bought back approximately 3.0 million shares of its common stock worth $473 million at an average price of $157.87 per share.
Costco Wholesale’s share price finished yesterday’s trading session at $157.22, slightly sliding 0.41%. A total volume of 3.62 million shares have exchanged hands, which was higher than the 3-month average volume of 3.58 million shares. The Company’s stock price advanced 2.76% in the last three months and 8.72% in the previous twelve months. Additionally, the stock gained 2.16% since the start of the year. Shares of the Company have a PE ratio of 27.27 and have a dividend yield of 1.27%. The stock currently has a market cap of $68.99 billion.
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