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Costco Wholesale Corporation Reports First Quarter Fiscal Year 2020 Operating Results

Costco Wholesale Corporation ("Costco" or the "Company") (Nasdaq:COST) today announced its operating results for the first quarter (twelve weeks) of fiscal 2020, ended November 24, 2019.

Net sales for the first quarter were $36.24 billion, an increase of 5.6 percent from $34.31 billion last year.

Comparable sales for the first quarter fiscal 2020 were as follows:

12 Weeks  12 Weeks
                               Adjusted*
 U.S.                4.7%      5.0%
 Canada              2.9%      5.1%
 Other International 3.2%      4.5%
 Total Company       4.3%      5.0%
 E-commerce          5.5%      5.7%

*Excluding the impacts from changes in gasoline prices and foreign exchange.

Total and comparable sales were negatively impacted by approximately one-half percent due to Thanksgiving occurring a week later this year. E-commerce sales in the quarter were negatively impacted by an estimated 12 percentage points.

Net income for the quarter was $844 million, or $1.90 per diluted share, compared to $767 million, or $1.73 per diluted share, last year. This year's first quarter reflects a $77 million ($0.17 per diluted share) tax benefit related to stock-based compensation, compared to a $59 million ($0.13 per diluted share) similar benefit last year.

Costco currently operates 785 warehouses, including 546 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, and one each in Iceland, France, and China. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, and Japan.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, December 12, 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 Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects 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," "likely," "may," "might," "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 that may 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 or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health care costs), energy and certain commodities, geopolitical conditions (including tariffs), the ability to maintain effective internal control over financial reporting, and other risks identified from time to time in the Company's public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law.

CONTACTS: Costco Wholesale Corporation

Richard Galanti, 425/313-8203

Bob Nelson, 425/313-8255

David Sherwood, 425/313-8239

Josh Dahmen, 425/313-8254

COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
(unaudited)
                                                         12 Weeks Ended
                                                         November 24, 2019  November 25, 2018
     REVENUE
     Net sales                                           $     36,236       $     34,311
     Membership fees                                           804                758
     Total revenue                                       $     37,040             35,069
     OPERATING EXPENSES
     Merchandise costs                                         32,233             30,623
     Selling, general and administrative                       3,732              3,475
     Preopening expenses                                       14                 22
     Operating income                                          1,061              949
     OTHER INCOME (EXPENSE)
     Interest expense                                          (38     )          (36     )
     Interest income and other, net                            35                 22
     INCOME BEFORE INCOME TAXES                                1,058              935
     Provision for income taxes                                202                158
     Net income including noncontrolling interests             856                777
     Net income attributable to noncontrolling interests       (12     )          (10     )
     NET INCOME ATTRIBUTABLE TO COSTCO                   $     844          $     767
     NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
     Basic                                               $     1.91         $     1.75
     Diluted                                             $     1.90         $     1.73
     Shares used in calculation (000's):
     Basic                                                     441,818            439,157
     Diluted                                                   443,680            442,749
COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share data)
(unaudited)
       Subject to Reclassification                                                                                            November 24, 2019  September 1, 2019
       ASSETS
       CURRENT ASSETS
       Cash and cash equivalents                                                                                              $      9,027       $      8,384
       Short-term investments                                                                                                 993                1,060
       Receivables, net                                                                                                       1,711              1,535
       Merchandise inventories                                                                                                13,818             11,395
       Other current assets                                                                                                   1,094              1,111
       Total current assets                                                                                                   26,643             23,485
       PROPERTY AND EQUIPMENT
       Land                                                                                                                   6,533              6,417
       Buildings and improvements                                                                                             17,712             17,136
       Equipment and fixtures                                                                                                 8,243              7,801
       Construction in progress                                                                                               803                1,272
       Accumulated depreciation and amortization                                                                              (12,054       )    (11,736       )
       Net property and equipment                                                                                             21,237             20,890
       OTHER ASSETS
       Operating lease right-of-use assets                                                                                    2,508              --
       Other long-term assets                                                                                                 954                1,025
       TOTAL ASSETS                                                                                                           $      51,342      $      45,400
       LIABILITIES AND EQUITY
       CURRENT LIABILITIES
       Accounts payable                                                                                                       $      14,440      $      11,679
       Accrued salaries and benefits                                                                                          3,159              3,176
       Accrued member rewards                                                                                                 1,193              1,180
       Deferred membership fees                                                                                               1,817              1,711
       Current portion of long-term debt                                                                                      1,700              1,699
       Other current liabilities                                                                                              3,956              3,792
       Total current liabilities                                                                                              26,265             23,237
       LONG-TERM LIABILITIES
       Long-term debt, excluding current portion                                                                              5,107              5,124
       Long-term operating lease liabilities                                                                                  2,353              --
       Other long-term liabilities                                                                                            1,393              1,455
       TOTAL LIABILITIES                                                                                                      35,118             29,816
       COMMITMENTS AND CONTINGENCIES
       EQUITY
       Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding                       --                 --
       Common stock $0.01 par value; 900,000,000 shares authorized; 441,778,000 and 439,625,000 shares issued and outstanding 4                  4
       Additional paid-in capital                                                                                             6,391              6,417
       Accumulated other comprehensive loss                                                                                   (1,321        )    (1,436        )
       Retained earnings                                                                                                      10,787             10,258
       Total Costco stockholders' equity                                                                                      15,861             15,243
       Noncontrolling interests                                                                                               363                341
       TOTAL EQUITY                                                                                                           16,224             15,584
       TOTAL LIABILITIES AND EQUITY                                                                                           $      51,342      $      45,400

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