Fresh continues to lap exceptional labor productivity and low product spoilage that occurred from the outside sales that began the year - that happened a year ago in the quarter.
#COSTCO RECEIPTS APP DRIVER#
Also lower year over year, fresh foods was the primary driver of the core-on-core being lower in the quarter. In terms of the core margin on their own sales, in the first quarter, our core-on-core margins were lower by 18 basis points, with non-foods slightly up and food and sundries slightly lower year over year. So we retained a good portion of the improvement from two years ago in the quarter. Recall last year in Q1, the core reported was up 83 basis points and ex gas, up 66 basis points. In terms of the core merchandise component of gross margin being lower by 63% year over year and 26 basis points ex gas inflation. Total then on a reported basis, margins were down 49 basis points year over year and ex gas inflation, down 6 basis points.
#COSTCO RECEIPTS APP PLUS#
Ancillary and other businesses, plus 2 on a reported basis and plus 12 ex gas inflation 2% Reward, plus 3 and minus 1 basis point LIFO, minus 3 in both columns other, plus 12 basis points in both columns. First line item would be core merchandise, minus 63 basis points year over year on a reported basis and minus 26 basis points without gas inflation. The two columns, both reported year over year in Q1 and then without gas inflation year over year in Q1. Our reported gross margin for the first quarter was lower year over year by 49 basis points, and excluding gas inflation, lower year over year by 6 basis points.Īs I normally do, I ask you a jot down a few numbers. Executive members represent 42% of our members and a little over 70% of our sales. And total cardholders 113.1 million, up 1.5 million from the 111.6 million 12 weeks ago.Īt Q1 end, paid executive members totaled 26.5 million, an increase of 836,000 during the 12 weeks since Q4 end. In terms of number of members at end of first quarter - in terms of member households, as well as total cardholders, at Q1 end, total paid households was 62.5 million, up 800,000 from 61.7 million a quarter ago. The renewal rates are continuing to benefit from more members auto renewing, as well as increased penetration of executive members who, on average, renew at a higher rate than the nonexecutive members and first year renewal rates, which have improved a little. and Canada renewal rate came in at 91.6%, up 0.3% from the 12-week earlier figure at Q4 end.Īs well, the worldwide rate came in at 89%, also up 0.3% from 12 weeks ago at Q4 quarter end - at Q4 end. In terms of renewal rates, at first quarter end, our U.S. Ex FX, the $85 million increase would have been $80 million and the 9.9% increase would be 9.3%. Next on the income statement, membership fee income reported in the quarter, $946 million, up $85 million or 9.9% from last year's $861 million figure. And gasoline price inflation positively impacted sales by approximately 430 basis points. dollar positively impact sales by about 90 basis points.
![costco receipts app costco receipts app](https://m.dam-img.rfdcontent.com/cms/007/719/085/570x760_smart_fit.jpg)
during the quarter.Įxcluding the positive impact from gas inflation and FX, the average ticket was up ex that plus 2.5% worldwide and plus 3.5% in the U.S. Our average transaction or ticket was up 7.7% worldwide and 8.5% in the U.S.
![costco receipts app costco receipts app](https://townsquare.media/site/49/files/2018/11/20181029_200158_Film1_resized.jpg)
In terms of Q1 comp sales metrics, traffic or shopping frequency increased 6.8% worldwide and up 5.9% in the U.S.
![costco receipts app costco receipts app](https://querysprout.com/wp-content/uploads/2021/06/Untitled-design-76-1024x512.jpg)
This year included a tax benefit of $91 million or $0.21 a share related to stock-based compensation and a write-off of certain IT assets of $118 million pre-tax or $0.20 per share. Net income for the quarter came in at $1.324 billion or $2.98 per diluted share compared to $1.166 billion or $2.62 per diluted share last year. In today's press release, we reported operating results for the first quarter of fiscal '22, the 12 weeks ended November 21.
#COSTCO RECEIPTS APP UPDATE#
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.įorward-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. These statements involve risks and uncertainties that may cause actual events, results, and/or performance to differ materially from those indicated by such statements. I'll start by stating that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Thank you, Sadie, and good afternoon to everyone.