Costco Wholesale Corporation Reports June Sales Results

This October, the adult and children’s/young adult segments had polar opposite results—sales of adult books rose 10.2% in the month over 2019, while sales in the children’s/YA category fell 10.2% for publishers that report results to AAP’s StatShot program. Gains in the adult segment were led by an 18.2% increase in sales of trade paperbacks, and both digital formats saw double digit increases as e-book sales rose 13% and downloadable audio sales increased 12% over 2019. Overall, in the first 10 months of 2020, adult trade book sales rose 9.1% over the comparable period in 2019 at publishers who reported sales to AAP.

Best Buy Co., Inc. announced results for the 14-week fourth quarter (“Q4 FY18”) and 53-week year ended February 3, 2018 (“FY18”), as compared to the 13-week fourth quarter (“Q4 FY17”) and 52-week year ended January 28, 2017 (“FY17”). The company reported Q4 FY18 GAAP diluted earnings per share from continuing operations of $1.23, which included the negative impact from items related to the Tax Cuts and Jobs Act of 2017 (“tax reform”) of approximately $1.17 in diluted earnings per share. Non-GAAP diluted earnings per share from continuing operations for Q4 FY18 were $2.42, an increase of 25% from $1.93 in Q4 FY17. “We are excited to report strong results for the fourth quarter and the year,” said Hubert Joly, Best Buy chairman and CEO. “We are especially proud of our 9.0% comparable sales growth in the quarter, which brings our annual comparable sales growth to 5.6% for the year. Customers are responding very positively to our Best Buy 2020 strategy, and I want to enthusiastically thank all our associates for their great work in delivering these results. The level of energy and dedication to serving customers that I see across the company is truly inspiring.” Click Read More below for additional information.

Summary: *Total Company net sales decreased 11.6 percent and GMV decreased 11.9 percent compared with the same period in fiscal 2022. The wind-down of Canadian operations had a negative impact on total Company net sales of 175 basis points. The first quarter of 2023 included one month of sales from Canadian operations, compared with a full quarter of sales from Canadian operations in the first quarter of 2022. *Gross profit, as a percentage of net sales, of 33.8 percent increased 110 basis points compared with the same period in fiscal 2022, reflecting the Company's focus on increasing inventory productivity. *Ending inventory decreased 7.8 percent compared with the same period in fiscal 2022, versus an 11.6 percent decrease in sales. *Loss before interest and tax was $259 million in the first quarter of 2023, compared with earnings before interest and tax ("EBIT") of $73 million during the same period in fiscal 2022.