Costco Wholesale Corporation (COST) on Q1 2022 Results - Earnings Call Transcript

Dec. 09, 2021 11:46 PM ETCostco Wholesale Corporation (COST)3 Comments
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Costco Wholesale Corporation (NASDAQ:COST) Q1 2022 Earnings Conference Call December 9, 2021 5:00 PM ET

Company Participants

Richard Galanti - Chief Financial Officer

Bob Nelson - SVP, Financial Planning, IR, and Treasury

Conference Call Participants

Michael Lasser - UBS

Simeon Gutman - Morgan Stanley

Chris Horvers - JP Morgan

Charles Grom - Gordon Haskett

John Heinbockel - Guggenheim

Karen Short - Barclays

Greg Melich - Evercore ISI

Rupesh Betti - Oppenheimer

Brandon Cheatham - Citigroup

Edward Kelly - Wells Fargo Securities

Laura Champine - Loop Capital Markets

Kelly Bania - BMO Capital

Operator

Good day and thank you for standing by and welcome to the Q1 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Richard Galanti. Thank you. Please go ahead.

Richard Galanti

Thank you, Anne, and good afternoon to everyone. I will start by stating that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual events, results, and/or performance to differ materially from those indicated by such statements.

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. 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.

In today's press release, we reported operating results for the first quarter of fiscal '22, the 12 weeks ended November 21st. Net income for the quarter came in at $1.324 billion or $2.98 per diluted share compared to $1.166 billion or $2.52 per diluted share last year. This year included

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