Costco(COST) - 2024 Q2 - Quarterly Results

Financial Performance - Net sales for Q3 2024 increased by 9.1% to $57.39 billion, compared to $52.60 billion in Q3 2023[2] - Net income for Q3 2024 was $1.68 billion, or $3.78 per diluted share, up from $1.30 billion, or $2.93 per diluted share in Q3 2023[5] - Comparable sales for the U.S. increased by 6.2% in Q3 2024, while total company comparable sales rose by 6.6%[4] - E-commerce sales surged by 20.7% in Q3 2024, reflecting strong online demand[4] - Membership fees for Q3 2024 totaled $1.12 billion, an increase from $1.04 billion in Q3 2023[10] - Total revenue for the first 36 weeks of fiscal 2024 reached $174.76 billion, up 7.0% from $163.35 billion in the same period last year[10] - The company reported an operating income of $2.20 billion for Q3 2024, up from $1.68 billion in Q3 2023[10] Assets and Liabilities - Total current assets decreased to $33.29 billion as of May 12, 2024, down from $35.88 billion as of September 3, 2023[12] - Total liabilities increased to $46.14 billion as of May 12, 2024, compared to $43.94 billion as of September 3, 2023[12] Cash Flow and Investments - Net cash provided by operating activities rose to $8,381 million, compared to $7,343 million, reflecting an increase of 14.2%[13] - Cash used in investing activities decreased to $2,706 million from $3,147 million, a reduction of 14.0%[13] - Net cash used in financing activities significantly increased to $8,948 million from $1,950 million, indicating a rise of 359.4%[13] - Cash and cash equivalents at the end of the year were $10,404 million, down from $12,493 million, a decrease of 16.7%[13] Expenses - Depreciation and amortization expenses increased to $1,531 million from $1,389 million, an increase of 10.2%[13] - Stock-based compensation rose to $686 million, compared to $643 million, reflecting a growth of 6.7%[13] - The company reported a non-cash lease expense of $220 million, down from $300 million, a decrease of 26.7%[13] Working Capital and Exchange Rates - Changes in working capital contributed $966 million, up from $438 million, an increase of 120.1%[13] - The effect of exchange rate changes on cash and cash equivalents resulted in a loss of $23 million, compared to a gain of $44 million[13] Operational Overview - Costco operates 878 warehouses globally, with 605 located in the U.S. and Puerto Rico[5]