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Costco Wholesale Corporation (COST) Q3 2023 Earnings Call Transcript

Costco Wholesale Corporation (NASDAQ:COST) Q3 2023 Earnings Conference Call May 25, 2023 5:00 PM ET

Company Participants

Richard Galanti – CFO

Conference Call Participants

Michael Lasser – UBS

Simeon Gutman – Morgan Stanley

Christopher Horvers – JPMorgan

Scot Ciccarelli – Truist Securities

Karen Short – Credit Suisse

John Heinbockel – Guggenheim Securities

Oliver Chen – TD Cowen

Scott Mushkin – R5 Capital

Brandon Cheatham – Citi

Rupesh Parikh – Oppenheimer & Co

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Costco Wholesale Corporation’s Fiscal Q3 2023 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Richard Galanti, CFO, you may begin your conference.

A – Richard Galanti

Thank you, Josh, and good afternoon to everyone. I will start by stating that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual events, results, and/or performance to differ materially from those indicated by such statements. The risks and uncertainties include but are not limited to those outlined in today’s call, as well as other risks identified from time to time in the company’s public statements and reports filed with the SEC. 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.

In today’s press release, we reported operating results for the third quarter of fiscal 2023, the 12 weeks ended this past May 7. Reported net income for the quarter was $1.30 billion or $2.93 per diluted share as compared to $1.35 billion or $3.04 per diluted share a year ago in third quarter. This year’s results included a non-recurring charge to

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