Costco Wholesale Corporation Reports Third Quarter and Year-To-Date Operating Results for Fiscal2019May 30, 2019ISSAQUAH, Wash., May 30, 2019 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) todayannounced its operating results for the third quarter (twelve weeks) and the first thirty-six weeks of fiscal 2019, ended May 12, 2019.Net sales for the quarter increased 7.4 percent, to $33.96 billion, from $31.62 billion last year. Net sales for the first thirty-six weeks increased 8.3percent, to $102.90 billion, from $95.02 billion last year.Comparable sales for the third quarter and year-to-date periods ended May 12, 2019, were as follows: 12 Weeks 12 Weeks 36 Weeks 36 Weeks Adjusted* Adjusted*U.S.7.0% 5.5% 8.5% 6.9%Canada1.3% 5.1% 1.1% 5.5%Other International1.7% 6.9% 2.1% 5.8% Total Company5.5% 5.6% 6.6% 6.5% E-commerce22.0% 19.5% 24.7% 23.9% *Excluding the impacts from changes in gasoline prices, foreign exchange, and a previously disclosed accounting change concerning revenuerecognition (ASC 606).Net income for the quarter was $906 million, or $2.05 per diluted share, compared to $750 million, or $1.70 per diluted share, last year. Net income forthe thirty-six weeks was $2.56 billion, or $5.79 per diluted share, compared to $2.09 billion, or $4.74 per diluted share, last year. This year’s thirdquarter benefitted from a non-recurring tax item of $73 million, or 16 cents per diluted share.Costco currently operates 773 warehouses, including 536 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 28 in the UnitedKingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, and one each in Iceland and France. Costco also operates e-commercesites in the U.S., Canada, the United Kingdom, Mexico, Korea, and Taiwan.A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, May 30, 2019, and is available via a webcast on www.costco.com(click on Investor Relations and “Play Webcast”).Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Actof 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Companyexpects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,”“target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties thatmay cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include,but are not limited to, domestic and international economic conditions, including exchange rates, the effects of competition and regulation,uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member orbusiness information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, risingcosts associated with employees (generally including health care costs), energy and certain commodities, geopolitical conditions (including tariffs), theability to remediate material weaknesses in internal control, and other risks identified from time to time in the Company’s public statements and reportsfiled with the Securities and Exchange Commission. Forward-looking statements speak only as of the date that they are made, and the Company doesnot undertake to update them, except as required by law.CONTACTS: Costco Wholesale CorporationRichard Galanti, 425/313-8203Bob Nelson, 425/313-8255David Sherwood, 425/313-8239Josh Dahmen, 425/313-8254 COSTCO WHOLESALE CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollars in millions, except per share data)(unaudited) May 12, 2019 September 2, 2018ASSETS CURRENT ASSETS Cash and cash equivalents$ 7,013 $ 6,055 Short-term investments1,154 1,204 Receivables, net1,704 1,669 Merchandise inventories11,304 11,040 Other current assets1,110 321 Total current assets22,285 20,289 PROPERTY AND EQUIPMENT Land6,310 6,193 Buildings and improvements16,644 16,107 Equipment and fixtures7,858 7,274 Construction in progress1,412 1,140 32,224 30,714 Less accumulated depreciation and amortization(11,749) (11,033)Net property and equipment20,475 19,681 OTHER ASSETS992 860 TOTAL ASSETS$ 43,752 $ 40,830 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable$ 11,331 $ 11,237 Accrued salaries and benefits2,888 2,994 Accrued member rewards1,160 1,057 Deferred membership fees1,761 1,624 12 Weeks Ended 36 Weeks Ended May 12, 2019 May 13, 2018 May 12, 2019 May 13, 2018REVENUE Net Sales$ 33,964 $ 31,624 $...
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