Executive Summary

• Costco Wholesale reported 4Q19 revenues of $47.50 billion, up by 7.0% and comfortably above the consensus estimate of $37.33 billion.
• EPS was $2.47, up 4.9% compared to the year-ago quarter and easily beating the $1.71 consensus estimate.
• Comps increased 5.1% compared to 7.2% in the year-ago quarter, excluding the impact of changes in gasoline prices, foreign exchange and an accounting change related to revenue recognition.