Costco Wholesale (COST) Comps Rose 2% in Aug.; Q4, FY16 Sales Light of Views

September 1, 2016 6:33 AM EDT
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Costco Wholesale Corporation (Nasdaq: COST) reported net sales of $8.9 billion for the month of August, the four weeks ended August 28, 2016, an increase of two percent from $8.7 billion during the similar period last year.

For the 16-week fourth quarter, the Company reported net sales of $35.7 billion, an increase of two percent from $35.0 billion in the fourth quarter last year, which ended August 30, 2015.

*** The Street was looking for Q4 revenue of $37.2 billion.

For the 52-week fiscal year ended August 28, 2016, the Company reported net sales of $116.1 billion, an increase of two percent from the $113.7 billion reported last year.

**** Consensus estimates called for FY16 revenue of $119.3 billion.

Comparable sales for the four, sixteen, and fifty-two week periods were as follows:

4 Weeks 16 Weeks 52 Weeks
-------- -------- --------

U.S. 0% 0% 1%
Canada 4% 2% -3%
Other International 0% -2% -3%

Total Company 0% 0% 0%
======== ======== ========

Comparable sales for these periods, excluding the impacts from gasoline price deflation and foreign exchange, were as follows:

                                   4 Weeks 16 Weeks 52 Weeks
-------- -------- --------

U.S. 2% 2% 3%
Canada 4% 5% 8%
Other International 0% 1% 4%

Total Company 2% 3% 4%
======== ======== ========

Additional discussion of these results is available in a pre-recorded telephone message. The recording can be accessed by dialing 1-855-859-2056 (conference ID 57702741). This message will be available today through 5:00 p.m. (PT) on Wednesday, September 7, 2016.

The Company plans to release its operating results for the fourth quarter and 2016 fiscal year ended August 28, 2016, on September 29, 2016. A conference call to discuss these results is scheduled for 2:00 p.m. (PT), that day, and will be available via webcast on (click on Investor Relations and "webcasts").

Costco ended its 2016 fiscal year with 715 warehouses in operation, including 501 in the United States and Puerto Rico, 91 in Canada, 36 in Mexico, 28 in the United Kingdom, 25 in Japan, 12 in Korea, 12 in Taiwan, eight in Australia and two in Spain. The Company plans to open up to an additional 10 new warehouses (including one relocation) before the end of calendar year 2016. Costco also operates electronic commerce web sites in the U.S., Canada, the United Kingdom, Mexico, Korea and Taiwan.

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