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Costco Corporation Posts Q3 FY2022 Results

 05/26/2022

Egg-NewsOn March 26th Costco Wholesale Corporation (COST) posted results for Q3 of FY2022 ending May 8th. For the quarter, the Company earned $1,353 million on revenue (including fuel) of $52,596 million with a diluted EPS of $3.04.  For the corresponding Q3 of FY2021, Costco earned $1,220 million on revenue of $45,277 million with a diluted EPS of $2.75.  Revenue was 16.6 percent higher than in Q3 of FY2021 but net earnings declined by 10.9 percent. Gross margin for Q3 FY2022 declined to 11.9 percent compared to 13.0 percent in Q3 FY2021 attributed to higher cost of goods sold in an inflationary environment. Concurrently operating margin fell from 3.7 percent in Q3 FY2021 to 3.4 percent for the most recent quarter associated with increased freight and transport, wages and utilities.

 

Total adjusted comparable same-store sales (excluding fuel) attained 10.8 percent. U.S. same store sales were up 10.7 percent; Canada by 12.8 percent and the Other international category, 9.1 percent.

 

Egg-NewsOn May 8th Costco posted total assets of $63,852 million, up 7.2 percent from Q3 FY2020. Long-term debt and lease obligations attained $11,494 million. Costco had an intraday market capitalization of $190,300 million on May 26th. The Company has traded over the past fifty-two weeks in a range of $375.50 to $612.27 with a 50-day moving average of $539.27.

 

Twelve-month trailing operating margin was 3.8 percent and profit margin 2.6 percent.  The Company generated a return on assets of 8.6 percent and 31.0 percent on equity.

 

Egg-NewsAt the end of Q3 FY2022, Costco operated 830 warehouses. There are 574 in the U.S; 105 in  Canada; 40 in Mexico; 30 in Japan; 29 in the U.K. and 52 others in 7 nations among the E.U.; Australia and Asia.

 

Costco sells only Kirkland branded cage-free eggs and in keeping with policy to stock bulk sizes offers 24-egg PET packs with either cage-free or USDA-certified organic and 10-dozen generics on trays in cartons for institutional use. Sales of eggs through company warehouses are not included in the monthly Nielsen data circulated by the American Egg Board.