Summary by Futu AI
Costco Wholesale Corporation (Costco) reported its operating results for the fourth quarter and fiscal year ended September 1, 2024. The company saw a 1.0 percent increase in net sales for the 16-week fourth quarter, reaching $78.2 billion, and a 5.0 percent increase for the 52-week fiscal year, with net sales of $249.6 billion. Comparable sales also showed positive trends across various regions, with e-commerce sales notably increasing by 18.9 percent for the quarter. Net income for the quarter was $2.354 billion, or $5.29 per diluted share, which included a non-recurring tax benefit. For the fiscal year, net income rose to $7.367 billion, or $16.56 per diluted share. Costco operates 891 warehouses globally and continues to expand its e-commerce presence. The company held a conference call on September 26, 2024, to discuss these results.