Costco Wholesale Corporation reported a robust financial performance for the second quarter of 2024, with net sales increasing by 6% to $57,331 million compared to the same period in 2023. This growth was driven by a 6% rise in comparable sales and the addition of 26 new warehouses. Membership fee revenue also saw an 8% increase, reaching $1,111 million, attributed to new member sign-ups, upgrades to Executive Membership, and a higher renewal rate. Gross margin percentage saw a slight uptick of eight basis points, while SG&A expenses as a percentage of net sales increased marginally by three basis points. Net income for the quarter stood at $1,743 million, or $3.92 per diluted share, up from $1,466 million, or $3.30 per diluted share in the previous year. The company declared a...Show More

Costco Wholesale Corporation reported a robust financial performance for the second quarter of 2024, with net sales increasing by 6% to $57,331 million compared to the same period in 2023. This growth was driven by a 6% rise in comparable sales and the addition of 26 new warehouses. Membership fee revenue also saw an 8% increase, reaching $1,111 million, attributed to new member sign-ups, upgrades to Executive Membership, and a higher renewal rate. Gross margin percentage saw a slight uptick of eight basis points, while SG&A expenses as a percentage of net sales increased marginally by three basis points. Net income for the quarter stood at $1,743 million, or $3.92 per diluted share, up from $1,466 million, or $3.30 per diluted share in the previous year. The company declared a quarterly cash dividend of $1.02 per share and paid a special cash dividend of $15.00 per share. In terms of business development, Costco continues to expand its warehouse base and e-commerce presence, with a focus on maintaining competitive pricing and quality goods and services. Looking ahead, Costco plans to invest between $4,400 to $4,600 million in capital expenditures for fiscal 2024, with intentions to open additional new warehouses. The company's liquidity remains strong, with sufficient cash flow from operations and cash and cash equivalents to meet foreseeable requirements.