Costco Investor Relations Presentation Q2-Fy-24

2nd Quarter
FY 2024
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, inflation or deflation, 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 and the Ukraine conflict), the
ability to maintain effective internal control over financial reporting, regulatory and other impacts
related to climate change, public-health related factors, 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. Comparable
sales and comparable sales excluding impacts from changes in gasoline prices and foreign
exchange are intended as supplemental information and are not a substitute for net sales
presented in accordance with GAAP.
Eau Claire, WI
Shenzhen, CHN
Southfield, MI
(Detroit) (Bus. Ctr)
Anchorage, AK (Bus. Ctr)
Costco Today
Q2-end (February 18, 2024)
• 3rd Largest Global retailer
• 12th Largest in Fortune 500
• $321 Billion market cap

Costco Today
• Sales $244B (LTM)
• 128M Sq. Ft. (147K / whse.)
• 316K employees worldwide

Costco Today
874 Warehouses Worldwide

602 - U.S. 14 - Taiwan
108 - CN 6 - China
40 - Mexico 4 - Spain
33 - Japan 2 - France
29 - UK 1 - Iceland
18 - Korea 1 - New Zealand
15 - Australia 1 - Sweden
Costco Today
Members:
• 73.4M households
• 132M total cardholders
• 92.9% renewal rate (U.S. & CN)
• $4.7B in membership fees (LTM)
Fiscal Year (MM’s)
2022 2023
Sales $222,730 $237,710
Gross Margin 10.48% 10.57%
Membership 1.90% 1.93%
SG&A 8.88% 9.08%
Operating Inc. $7,793 $8,114
Net Income $5,844 $6,292
Diluted E.P.S. $13.14 $14.16
2 Quarter (MM’s)
nd
2023 2024
Sales $54,239 $57,331 +6%
Operating Income $1,903 $2,062 +8%
Net Income $1,466 $1,743 +19%
Diluted E.P.S. $3.30 $3.92 +19%

2 nd Quarter (MM’s)
US Canada INTL Total
Comp Sales +4.3% +9.2% +8.6% +5.6%
W/O Gas & FX +4.8% +9.0% +8.2% +5.8%
Traffic +4.3% +8.2% +6.8% +5.3%
Ticket* 0.0% +0.9% +1.7% +0.3%
*Including the impacts from changes in gasoline prices and foreign exchange.
Financial Position (MM’s)
Q2, FY’24
Cash, Equiv, & STI $10,321
Property & Equipment (net) $27,601
L.T. Debt $6,945
Stockholders’ Equity $20,760

Dividends
• Initiated May 2004 at $0.40
• Currently at $4.08 annually
• Compound Annual Growth Rate 13%
• $1.8B Annually
Stock Repurchase &
Capital Expenditure
FY24 Q2
• $159M repurchased in Q2
• 240k shares repurchased
• Capital Expenditure $1.03B in Q2

New Brands
2nd Quarter
FY 2024

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2nd Quarter

• 3rd Largest Global retailer

• 12th Largest in Fortune 500

• $321 Billion market cap

• Sales $244B (LTM)

• 128M Sq. Ft. (147K / whse.)

• 316K employees worldwide

874 Warehouses Worldwide

Sales $54,239 $57,331 +6%

Operating Income $1,903 $2,062 +8%

Net Income $1,466 $1,743 +19%

Diluted E.P.S. $3.30 $3.92 +19%

Comp Sales +4.3% +9.2% +8.6% +5.6%

W/O Gas & FX +4.8% +9.0% +8.2% +5.8%

Traffic +4.3% +8.2% +6.8% +5.3%

Ticket* 0.0% +0.9% +1.7% +0.3%

Cash, Equiv, & STI $10,321

Property & Equipment (net) $27,601

L.T. Debt $6,945

Stockholders’ Equity $20,760

• Currently at $4.08 annually

• Compound Annual Growth Rate 13%

• 240k shares repurchased

• Capital Expenditure $1.03B in Q2

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