Costco, known for its membership warehouse clubs, has reported a robust financial performance for the fiscal year 2024. The company saw a 5% increase in net sales, reaching $249.6 billion, driven by growth in comparable sales and the opening of new warehouses. Notably, net income surged by 17% to $7.4 billion, translating to a significant rise in diluted earnings per share from $14.16 in 2023 to $16.56 in 2024. The company's gross margin percentage also improved, increasing by 35 basis points, primarily due to the performance of warehouse ancillary and other businesses, including e-commerce and gasoline. Despite a challenging economic environment, Costco's membership fee revenue grew by 5% to $4.8 billion, supported by new sign-ups and upgrades to Executive membership. The company's effective tax rate decreased to...Show More

Costco, known for its membership warehouse clubs, has reported a robust financial performance for the fiscal year 2024. The company saw a 5% increase in net sales, reaching $249.6 billion, driven by growth in comparable sales and the opening of new warehouses. Notably, net income surged by 17% to $7.4 billion, translating to a significant rise in diluted earnings per share from $14.16 in 2023 to $16.56 in 2024. The company's gross margin percentage also improved, increasing by 35 basis points, primarily due to the performance of warehouse ancillary and other businesses, including e-commerce and gasoline. Despite a challenging economic environment, Costco's membership fee revenue grew by 5% to $4.8 billion, supported by new sign-ups and upgrades to Executive membership. The company's effective tax rate decreased to 24.4% in 2024 from 25.9% in 2023. Costco's strategic focus on maintaining competitive pricing and quality goods and services has continued to reinforce member loyalty and drive profitability. Looking ahead, Costco plans to open up to 29 new warehouses in fiscal 2025 and expects membership fee changes to positively impact revenues. The company remains confident in its liquidity position and its ability to meet future capital requirements, supported by strong operating cash flow and a solid cash and investment position.