09/26/2024 | Press release | Distributed by Public on 09/26/2024 14:18
16 Weeks | 16 Weeks | 52 Weeks | 52 Weeks | |
Adjusted* | Adjusted* | |||
U.S. | 5.3% | 6.3% | 4.5% | 5.0% |
Canada | 5.5% | 7.9% | 7.0% | 8.1% |
Other International | 5.7% | 9.3% | 8.1% | 8.4% |
Total Company | 5.4% | 6.9% | 5.3% | 5.9% |
E-commerce | 18.9% | 19.5% | 16.1% | 16.2% |
16 Weeks Ended | 17 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | |||||
September 1, 2024 |
September 3, 2023 |
September 1, 2024 |
September 3, 2023 |
|||||
REVENUE | ||||||||
Net sales | $ | 78,185 | $ | 77,430 | $ | 249,625 | $ | 237,710 |
Membership fees | 1,512 | 1,509 | 4,828 | 4,580 | ||||
Total revenue | 79,697 | 78,939 | 254,453 | 242,290 | ||||
OPERATING EXPENSES | ||||||||
Merchandise costs | 69,588 | 69,219 | 222,358 | 212,586 | ||||
Selling, general and administrative | 7,067 | 6,939 | 22,810 | 21,590 | ||||
Operating income | 3,042 | 2,781 | 9,285 | 8,114 | ||||
OTHER INCOME (EXPENSE) | ||||||||
Interest expense | (49) | (56) | (169) | (160) | ||||
Interest income and other, net | 120 | 238 | 624 | 533 | ||||
INCOME BEFORE INCOME TAXES | 3,113 | 2,963 | 9,740 | 8,487 | ||||
Provision for income taxes | 759 | 803 | 2,373 | 2,195 | ||||
NET INCOME | $ | 2,354 | $ | 2,160 | $ | 7,367 | $ | 6,292 |
NET INCOME PER COMMON SHARE: | ||||||||
Basic | $ | 5.30 | $ | 4.87 | $ | 16.59 | $ | 14.18 |
Diluted | $ | 5.29 | $ | 4.86 | $ | 16.56 | $ | 14.16 |
Shares used in calculation (000's): | ||||||||
Basic | 444,013 | 443,876 | 443,914 | 443,854 | ||||
Diluted | 444,977 | 444,445 | 444,759 | 444,452 |
September 1, 2024 |
September 3, 2023 |
|||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | $ | 9,906 | $ | 13,700 |
Short-term investments | 1,238 | 1,534 | ||
Receivables, net | 2,721 | 2,285 | ||
Merchandise inventories | 18,647 | 16,651 | ||
Other current assets | 1,734 | 1,709 | ||
Total current assets | 34,246 | 35,879 | ||
OTHER ASSETS | ||||
Property and equipment, net | 29,032 | 26,684 | ||
Operating lease right-of-use assets | 2,617 | 2,713 | ||
Other long-term assets | 3,936 | 3,718 | ||
TOTAL ASSETS | $ | 69,831 | $ | 68,994 |
LIABILITIES AND EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts payable | $ | 19,421 | $ | 17,483 |
Accrued salaries and benefits | 4,794 | 4,278 | ||
Accrued member rewards | 2,435 | 2,150 | ||
Deferred membership fees | 2,501 | 2,337 | ||
Current portion of long-term debt | 103 | 1,081 | ||
Other current liabilities | 6,210 | 6,254 | ||
Total current liabilities | 35,464 | 33,583 | ||
OTHER LIABILITIES | ||||
Long-term debt, excluding current portion | 5,794 | 5,377 | ||
Long-term operating lease liabilities | 2,375 | 2,426 | ||
Other long-term liabilities | 2,576 | 2,550 | ||
TOTAL LIABILITIES | 46,209 | 43,936 | ||
COMMITMENTS AND CONTINGENCIES | ||||
EQUITY | ||||
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding | - | - | ||
Common stock $0.005 par value; 900,000,000 shares authorized; 443,126,000 and 442,793,000 shares issued and outstanding
|
2 | 2 | ||
Additional paid-in capital | 7,829 | 7,340 | ||
Accumulated other comprehensive loss | (1,828) | (1,805) | ||
Retained earnings | 17,619 | 19,521 | ||
TOTAL EQUITY | 23,622 | 25,058 | ||
TOTAL LIABILITIES AND EQUITY | $ | 69,831 | $ | 68,994 |
52 Weeks Ended | 53 Weeks Ended | |||
September 1, 2024 |
September 3, 2023 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ | 7,367 | $ | 6,292 |
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||
Depreciation and amortization | 2,237 | 2,077 | ||
Non-cash lease expense | 315 | 412 | ||
Stock-based compensation | 818 | 774 | ||
Impairment of assets and other non-cash operating activities, net | (9) | 495 | ||
Changes in working capital
|
611 | 1,018 | ||
Net cash provided by operating activities | 11,339 | 11,068 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of short-term investments | (1,470) | (1,622) | ||
Maturities and sales of short-term investments | 1,790 | 937 | ||
Additions to property and equipment | (4,710) | (4,323) | ||
Other investing activities, net | (19) | 36 | ||
Net cash used in investing activities | (4,409) | (4,972) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Repayments of short-term borrowings | (920) | (935) | ||
Proceeds from short-term borrowings | 928 | 917 | ||
Repayments of long-term debt | (1,077) | (75) | ||
Proceeds from issuance of long-term debt | 498 | - | ||
Tax withholdings on stock-based awards | (315) | (303) | ||
Repurchases of common stock | (700) | (676) | ||
Cash dividend payments | (9,041) | (1,251) | ||
Financing lease payments | (136) | (291) | ||
Other financing activities, net | (1) | - | ||
Net cash used in financing activities | (10,764) | (2,614) | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
40 | 15 | ||
Net change in cash and cash equivalents | (3,794) | 3,497 | ||
CASH AND CASH EQUIVALENTS BEGINNING OF YEAR | 13,700 | 10,203 | ||
CASH AND CASH EQUIVALENTS END OF YEAR | $ | 9,906 | $ | 13,700 |