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Industry NewsCostco Canada reports healthy Q2 results, 16% sales increase

Costco Canada reports healthy Q2 results, 16% sales increase

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Costco announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2022 ended February 13, 2022. Comparable sales for the second quarter and first 24 weeks of fiscal 2022 for Canada increased 16.05 per cent, for the U.S. 15.85 per cent. E-commerce accounted for 12.5% of sales.

Net income for the quarter was $1,299 million, $2.92 per diluted share. Last year’s second-quarter net income was $951 million, $2.14 per diluted share, which included $246 million pretax, $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Net income for the first 24 weeks was $2.62 billion, or $5.90 per diluted share, compared to $2.12 billion, $4.76 per diluted share, last year.

For the four-week reporting month of February, ended February 27, 2022, the company reported net sales of $16.29 billion, an increase of 15.9 per cent from $14.05 billion last year. Lunar New Year/Chinese New Year occurred on February 1, 11 days earlier this year. The shift negatively impacted February’s other international and total company sales by approximately 4 per cent and 0.5 per cent, respectively. For the twenty-six-week period ended February 27, 2022, net sales were $108.39 billion, an increase of 16.3 percent from $93.16 billion last year.

Costco currently operates 828 warehouses around the world, including 105 in Canada.

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