Executive Summary

• Costco reported fiscal 4Q16 EPS of $1.77, beating the consensus estimate of $1.73.
• Net sales were $35.73 billion, up 2.1% from $34.99 billion in the year-ago period. Total comps were flat for the period, and were down 1% in the US, up 2% in Canada and down 2% in international markets. Excluding the negative impact from gasoline price deflation and foreign exchange, total comps were up 3%, and up 2% in the US, up 5% in Canada and up 1% in international markets.
• The company did not provide guidance for FY17.