/EINPresswire.com/ -- ISSAQUAH, WA--(Marketwired - Dec 7, 2016) -  Costco Wholesale Corporation ("Costco" or the "Company") (NASDAQ: COST) today announced its operating results for the first quarter (twelve weeks) of fiscal 2017, ended November 20, 2016.

Net sales for the first quarter were $27.47 billion, an increase of three percent, from $26.63 billion during the first quarter last year.

Comparable sales for the first quarter of fiscal 2017 were as follows:

	U.S.	1%
	Canada	4%
	Other International	0%
	Total Company	1%

Comparable sales for the quarter excluding the impacts from changes in gasoline prices and foreign exchange were as follows:

	U.S.	1%
	Canada	5%
	Other International	3%
	Total Company	2%

Net income for the quarter was $545 million, or $1.24 per diluted share, compared to $480 million, or $1.09 per diluted share, last year. This year's first quarter benefited from a non-recurring $51 million ($.07 per diluted share after tax) legal settlement.

Costco currently operates 723 warehouses, including 506 in the United States and Puerto Rico, 94 in Canada, 36 in Mexico, 28 in the United Kingdom, 25 in Japan, 12 in Korea, 12 in Taiwan, eight in Australia and two in Spain. Costco also operates electronic commerce web sites in the U.S., Canada, the United Kingdom, Mexico, Korea and Taiwan.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, December 7, 2016, 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. 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, 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 (including health care costs), energy and certain commodities, geopolitical conditions, 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 we do not undertake to update these statements, except as required by law.

COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
(unaudited)
					November 20, 2016				November 22, 2015
REVENUE
	Net sales			$	27,469			$	26,627
	Membership fees				630				593
		Total revenue			28,099				27,220
OPERATING EXPENSES
	Merchandise costs				24,288				23,621
	Selling, general and administrative				2,940				2,806
	Preopening expenses				22				26
		Operating income			849				767
OTHER INCOME (EXPENSE)
	Interest expense				(29	)			(33	)
	Interest income and other, net				26				28
INCOME BEFORE INCOME TAXES					846				762
Provision for income taxes					291				275
Net income including noncontrolling interests					555				487
Net income attributable to noncontrolling interests					(10	)			(7	)
NET INCOME ATTRIBUTABLE TO COSTCO				$	545			$	480
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
Basic				$	1.24			$	1.10
Diluted				$	1.24			$	1.09
Shares used in calculation: (000's)
	Basic				438,007				438,342
	Diluted				440,525				441,386
Cash dividends declared per common share				$	0.45			$	0.40

COSTCO WHOLESALE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(unaudited)

Subject to Reclassifications

			November 20, 2016  2015				August 28,  2016
ASSETS
CURRENT ASSETS
	Cash and cash equivalents		$	4,805		$		3,379
	Short-term investments			1,311				1,350
	Receivables, net			1,498				1,252
	Merchandise inventories			10,721				8,969
	Other current assets			235				268
		Total current assets		18,570				15,218
PROPERTY AND EQUIPMENT
	Land			5,389				5,395
	Buildings and improvements			14,060				13,994
	Equipment and fixtures			6,173				6,077
	Construction in progress			816				701
				26,438				26,167
	Less accumulated depreciation and amortization			(9,282	)			(9,124	)
		Net property and equipment		17,156				17,043
OTHER ASSETS				806				902
	TOTAL ASSETS		$	36,532			$	33,163
LIABILITIES AND EQUITY
CURRENT LIABILITIES
	Accounts payable		$	11,003			$	7,612
	Current portion long-term debt			1,159				1,100
	Accrued salaries and benefits			2,534				2,629
	Accrued member rewards			862				869
	Deferred membership fees			1,414				1,362
	Other current liabilities			2,189				2,003
		Total current liabilities		19,161				15,575
LONG-TERM DEBT, excluding current portion				3,933				4,061
OTHER LIABILITIES				1,207				1,195
		Total liabilities		24,301				20,831
COMMITMENTS AND CONTINGENCIES
EQUITY
	Preferred stock $.005 par value; 100,000,000 shares authorized; no shares issued and outstanding			0				0
	Common stock $.005 par value; 900,000,000 shares authorized; 439,343,000 and 437,524,000 shares issued and outstanding			2				2
	Additional paid-in capital			5,528				5,490
	Accumulated other comprehensive loss			(1,439	)			(1,099	)
	Retained earnings			7,882				7,686
	Total Costco stockholders' equity			11,973				12,079
	Noncontrolling interests			258				253
		Total equity		12,231				12,332
		TOTAL LIABILITIES AND EQUITY	$	36,532			$	33,163