Exhibit 99.1

    Press Release  

COSTCO WHOLESALE CORPORATION REPORTS FOURTH QUARTER AND FISCAL

YEAR 2021 OPERATING RESULTS

ISSAQUAH, Wash., September 23, 2021 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the 16-week fourth quarter and the 52-week fiscal year, ended August 29, 2021.

Net sales for the quarter increased 17.5 percent, to $61.44 billion from $52.28 billion last year. Net sales for the fiscal year increased 17.7 percent, to $192.05 billion from $163.22 billion last year.

Comparable sales for the fourth quarter and the fiscal year were as follows:

	16 Weeks			16 Weeks			52 Weeks			52 Weeks
				Adjusted*						Adjusted*
U.S.		14.9	%		10.3	%		14.8	%		13.6	%
Canada		19.5	%		6.7	%		20.0	%		12.1	%
Other International		15.0	%		7.3	%		19.1	%		13.4	%
Total Company		15.5	%		9.4	%		16.0	%		13.4	%
E-commerce		11.2	%		8.9	%		44.4	%		42.6	%

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

Net income for the fourth quarter was $1.670 billion, or $3.76 per diluted share, compared to $1.389 billion, or $3.13 last year. This year’s fourth quarter was negatively impacted by a write-off of certain information technology assets of $84 million pre-tax ($0.14 per diluted share). Last year’s fourth quarter was negatively impacted by incremental expense related to COVID-19 premium wages and sanitation costs of $281 million pretax ($0.47 per diluted share) and a $36 million pretax charge ($0.06 per diluted share) related to the prepayment of $1.5 billion of debt, partially offset by an $84 million pretax benefit ($0.15 per diluted share) for the partial reversal of a reserve related to a product tax assessment taken in fiscal year 2019.

Net income for the fiscal year was $5.01 billion, or $11.27 per diluted share, compared to $4.00 billion, or $9.02 per diluted share in the prior year.

Costco currently operates 817 warehouses, including 565 in the United States and Puerto Rico, 105 in Canada, 39 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, three 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, Japan, and Australia.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, September 23, 2021, 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,”

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“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), the ability to maintain effective internal control over financial reporting, COVID-19 related factors and challenges, including (among others) the duration of the pandemic, the unknown long-term economic impact, reduced shopping due to illness, travel restrictions or financial hardship, shifts in demand for products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures or operational limitations due to government mandates, or supply-chain disruptions, capacity constraints of third-party logistics suppliers, 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

    Press Release  

COSTCO WHOLESALE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data)

(unaudited)

	16 Weeks Ended						52 Weeks Ended
	August 29, 2021			August 30, 2020			August 29, 2021			August 30, 2020
REVENUE
Net sales	$	61,441		$	52,277		$	192,052		$	163,220
Membership fees		1,234			1,106			3,877			3,541
Total revenue		62,675			53,383			195,929			166,761
OPERATING EXPENSES
Merchandise costs		54,733			46,401			170,684			144,939
Selling, general and administrative		5,632			5,027			18,461			16,332
Preopening expenses		35			26			76			55
Operating income		2,275			1,929			6,708			5,435
OTHER INCOME (EXPENSE)
Interest expense		(52	)		(51	)		(171	)		(160	)
Interest income and other, net		68			(9	)		143			92
INCOME BEFORE INCOME TAXES		2,291			1,869			6,680			5,367
Provision for income taxes		597			465			1,601			1,308
Net income including noncontrolling interests		1,694			1,404			5,079			4,059
Net income attributable to noncontrolling interests		(24	)		(15	)		(72	)		(57	)
NET INCOME ATTRIBUTABLE TO COSTCO	$	1,670		$	1,389		$	5,007		$	4,002
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
Basic	$	3.77		$	3.14		$	11.30		$	9.05
Diluted	$	3.76		$	3.13		$	11.27		$	9.02
Shares used in calculation (000’s):
Basic		443,193			442,843			443,089			442,297
Diluted		444,369			444,231			444,346			443,901

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COSTCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

(amounts in millions, except par value and share data)

(unaudited)

Subject to Reclassification

	August 29, 2021			August 30, 2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	11,258		$	12,277
Short-term investments		917			1,028
Receivables, net		1,803			1,550
Merchandise inventories		14,215			12,242
Other current assets		1,312			1,023
Total current assets		29,505			28,120
OTHER ASSETS
Property and equipment, net		23,492			21,807
Operating lease right-of-use assets		2,890			2,788
Other long-term assets		3,381			2,841
TOTAL ASSETS	$	59,268		$	55,556
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$	16,278		$	14,172
Accrued salaries and benefits		4,090			3,605
Accrued member rewards		1,671			1,393
Deferred membership fees		2,042			1,851
Current portion of long-term debt		799			95
Other current liabilities		4,561			3,728
Total current liabilities		29,441			24,844
OTHER LIABILITIES
Long-term debt, excluding current portion		6,692			7,514
Long-term operating lease liabilities		2,642			2,558
Other long-term liabilities		2,415			1,935
TOTAL LIABILITIES		41,190			36,851
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; 441,825,000 and 441,255,000 shares issued and outstanding		4			4
Additional paid-in capital		7,031			6,698
Accumulated other comprehensive loss		(1,137	)		(1,297	)
Retained earnings		11,666			12,879
Total Costco stockholders’ equity		17,564			18,284
Noncontrolling interests		514			421
TOTAL EQUITY		18,078			18,705
TOTAL LIABILITIES AND EQUITY	$	59,268		$	55,556