What changed in this filing

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Item 1. Financial Statements

2022-12-29 compared with 2022-06-02 · 89 added, 125 removed, 379 unchanged (36% of the section changed)

3 unchanged sentences

(amounts in millions, except per share data) (unaudited)

12 Weeks Ended 36 Weeks Ended

12 Weeks Ended

2022 November 21,

Net sales $ 53,437 $ 49,417

23 unchanged sentences

(amounts in millions) (unaudited)

12 Weeks Ended 36 Weeks Ended

12 Weeks Ended

2022 November 21,

NET INCOME INCLUDING NONCONTROLLING INTERESTS

3 unchanged sentences

Comprehensive income 1,268 1,273

Comprehensive income (loss) attributable to noncontrolling interests

( 13 ) 15 31 71

Comprehensive income attributable to noncontrolling interests

COMPREHENSIVE INCOME ATTRIBUTABLE TO COSTCO

48 unchanged sentences

(amounts in millions) (unaudited)

12 Weeks Ended May 8, 2022

Common Stock Additional

Capital Accumulated

Comprehensive

Income (Loss) Retained

Earnings Total Costco

Stockholders’

Equity Noncontrolling

Interests Total

Shares (000s) Amount

BALANCE AT FEBRUARY 13, 2022 443,279 $ 4 $ 7,186 $ ( 1,246 ) $ 13,474 $ 19,418 $ 558 $ 19,976

Net income — — — — 1,353 1,353 19 1,372

Foreign-currency translation adjustment and other, net — — — ( 356 ) — ( 356 ) ( 32 ) ( 388 )

Stock-based compensation — — 91 — — 91 — 91

Release of vested restricted stock units (RSUs), including tax effects 4 — ( 1 ) — — ( 1 ) — ( 1 )

Repurchases of common stock ( 254 ) — ( 4 ) — ( 135 ) ( 139 ) — ( 139 )

Cash dividend declared — — — — ( 398 ) ( 398 ) — ( 398 )

BALANCE AT MAY 8, 2022 443,029 $ 4 $ 7,272 $ ( 1,602 ) $ 14,294 $ 19,968 $ 545 $ 20,513

12 Weeks Ended May 9, 2021

Common Stock Additional

Capital Accumulated

Comprehensive

Income (Loss) Retained

Earnings Total Costco

Stockholders’

Equity Noncontrolling

Interests Total

Shares (000s) Amount

BALANCE AT FEBRUARY 14, 2021 442,654 $ 4 $ 6,843 $ ( 961 ) $ 9,766 $ 15,652 $ 477 $ 16,129

Net income — — — — 1,220 1,220 13 1,233

Foreign-currency translation adjustment and other, net — — — 52 — 52 2 54

Stock-based compensation — — 87 — — 87 — 87

Release of vested RSUs, including tax effects 6 — ( 1 ) — — ( 1 ) — ( 1 )

Repurchases of common stock ( 519 ) — ( 8 ) — ( 171 ) ( 179 ) — ( 179 )

Cash dividend declared — — — — ( 349 ) ( 349 ) — ( 349 )

BALANCE AT MAY 9, 2021 442,141 $ 4 $ 6,921 $ ( 909 ) $ 10,466 $ 16,482 $ 492 $ 16,974

The accompanying notes are an integral part of these condensed consolidated financial statements.

COSTCO WHOLESALE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(amounts in millions) (unaudited)

36 Weeks Ended May 8, 2022

12 Weeks Ended November 20, 2022

Common Stock Additional

13 unchanged sentences

Repurchases of common stock ( 285 ) — ( 4 ) — ( 137 ) ( 141 ) — ( 141 )

Cash dividends declared — — — — ( 1,099 ) ( 1,099 ) — ( 1,099 )

BALANCE AT MAY 8, 2022 443,029 $ 4 $ 7,272 $ ( 1,602 ) $ 14,294 $ 19,968 $ 545 $ 20,513

36 Weeks Ended May 9, 2021

Cash dividend declared — — — — ( 400 ) ( 400 ) — ( 400 )

BALANCE AT NOVEMBER 20, 2022 443,841 $ 2 $ 6,982 $ ( 1,925 ) $ 16,412 $ 21,471 $ 5 $ 21,476

12 Weeks Ended November 21, 2021

Common Stock Additional

13 unchanged sentences

Repurchases of common stock ( 77 ) — ( 1 ) — ( 34 ) ( 35 ) — ( 35 )

Cash dividends declared — — — — ( 5,399 ) ( 5,399 ) — ( 5,399 )

BALANCE AT MAY 9, 2021 442,141 $ 4 $ 6,921 $ ( 909 ) $ 10,466 $ 16,482 $ 492 $ 16,974

Cash dividend declared — — — — ( 350 ) ( 350 ) — ( 350 )

BALANCE AT NOVEMBER 21, 2021 443,434 $ 4 $ 7,064 $ ( 1,211 ) $ 12,606 $ 18,463 $ 537 $ 19,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

3 unchanged sentences

12 Weeks Ended

2022 November 21,

CASH FLOWS FROM OPERATING ACTIVITIES

18 unchanged sentences

CASH FLOWS FROM FINANCING ACTIVITIES

Change in bank payments outstanding ( 99 ) 1

Repayments of long-term borrowings ( 800 ) —

Tax withholdings on stock-based awards ( 301 ) ( 355 )

4 unchanged sentences

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

( 37 ) ( 14 )

Net change in cash and cash equivalents 653 1,493

2 unchanged sentences

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the first thirty-six weeks of the year for:

Cash paid during the first 12 weeks of the year for:

Income taxes, net $ 214 $ 206

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:

Cash dividend declared, but not yet paid

Financing lease assets obtained in exchange for new or modified leases $ 49 $ 118

7 unchanged sentences

Costco Wholesale Corporation (Costco or the Company), a Washington corporation, and its subsidiaries operate membership warehouses based on the concept that offering members low prices on a limited selection of nationally-branded and private-label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover.

For the period ended May 8, 2022, Costco operated 829 warehouses worldwide:

573 in the United States (U.S.) located in 46 states, Washington, D.C., and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom (U.K.), 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland.

The Company operates e-commerce websites in the U.S., Canada, Mexico, U.K., Korea, Taiwan, Japan, and Australia.

At November 20, 2022, Costco operated 845 warehouses worldwide:

582 in the United States (U.S.) located in 46 states, Washington, D.C., and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom (U.K.), 18 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one each in Iceland, New Zealand, and Sweden.

The Company operates e-commerce websites in the U.S., Canada, U.K., Mexico, Korea, Taiwan, Japan, and Australia.

Basis of Presentation

The condensed consolidated financial statements include the accounts of Costco, its wholly-owned subsidiaries, and subsidiaries in which it has a controlling interest.

The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company’s equity.

The condensed consolidated financial statements include the accounts of Costco, its wholly-owned subsidiaries, and a subsidiary in which it has a controlling interest.

All material inter-company transactions among the Company and its consolidated subsidiaries have been eliminated in consolidation.

The Company’s net income excludes income attributable to the noncontrolling interest in Taiwan.

Unless otherwise noted, references to net income relate to net income attributable to Costco.

6 unchanged sentences

The Company operates on a 52/53 week fiscal year basis, with the fiscal year ending on the Sunday closest to August 31.

Fiscal 2022 is a 52-week year ending on August 28, 2022.

References to the third quarter of 2022 and 2021 relate to the 12-week fiscal quarters ended May 8, 2022 and May 9, 2021, respectively.

References to the first thirty-six weeks of 2022 and 2021 relate to the 36 weeks ended May 8, 2022 and May 9, 2021, respectively.

Fiscal 2023 is a 53-week year ending on September 3, 2023.

References to the first quarter of 2023 and 2022 relate to the 12-week fiscal quarters ended November 20, 2022, and November 21, 2021.

Use of Estimates

3 unchanged sentences

Actual results could differ from those estimates and assumptions.

Property and Equipment, Net

The Company capitalizes certain computer software and costs incurred in developing or obtaining software.

The Company recognized a $ 118 write-off of certain information technology assets, which was recorded in the first quarter of 2022, in selling, general and administrative expenses.

Reclassification

Reclassifications were made to our third quarter and first thirty-six weeks of 2021 condensed consolidated statements of income to conform with current period presentation.

Reclassifications were made to the condensed consolidated statement of cash flows for the first quarter of 2022 to conform with current year presentation.

The Company leases land, buildings, equipment, and other assets at warehouses, offices, or within the operations that support supply chain and distribution channels.

The Company reviews lease right-of-use assets for impairment when events or changes in circumstances indicate that the carrying amount of the asset group may not be fully recoverable.

The Company also occasionally revisits and modifies the terms of its leasing arrangements.

During the first quarter of 2023, the Company recognized a charge of $ 93 , primarily related to the termination costs and impairment of certain leased assets associated with charter shipping activities.

This charge is included in merchandise costs.

Note 2—Investments

The Company's investments were as follows:

November 20, 2022:

Basis Unrealized

7 unchanged sentences

Basis Unrealized

Gains, Net Recorded

Losses, Net Recorded

Available-for-sale:

3 unchanged sentences

Total short-term investments $ 851 $ ( 5 ) $ 846

Gross unrecognized holding gains and losses on available-for-sale securities were not material for the periods ended May 8, 2022, and August 29, 2021 .

Gross unrecognized holding gains and losses on available-for-sale securities were not material for the periods ended November 20, 2022, and August 28, 2022 .

At those dates, there were no available-for-sale securities in a material continuous unrealized-loss position.

There were no sales of available-for-sale securities during the first thirty-six weeks of 2022 or 2021.

The maturities of available-for-sale and held-to-maturity securities at May 8, 2022 are as follows:

There were no sales of available-for-sale securities during the first quarter of 2023 or 2022.

The maturities of available-for-sale and held-to-maturity securities at November 20, 2022 are as follows:

Available-For-Sale Held-To-Maturity

2 unchanged sentences

Due after one year through five years 264 259 —

Due after five years 86 82 —

Total $ 570 $ 558 $ 259

8 unchanged sentences

_______________

(1) At August 29, 2021, $ 12 cash and cash equivalents and $ 381 short-term investments are included in the accompanying condensed consolidated balance sheets.

(1) The asset and liability values are included in other current assets and other current liabilities, respectively, in the accompanying condensed consolidated balance sheets.

At May 8, 2022, and August 29, 2021, the Company did not hold any Level 1 or 3 financial assets or liabilities that were measured at fair value on a recurring basis.

There were no transfers between levels during the first thirty-six weeks of 2022 or 2021.

At November 20, 2022, and August 28, 2022, the Company did not hold any Level 1 or 3 financial assets or liabilities that were measured at fair value on a recurring basis.

There were no transfers between levels during the first quarter of 2023 or 2022.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

1 unchanged sentence

These assets are measured at fair value if determined to be impaired.

There were no fair value adjustments to these items during the first thirty-six weeks of 2022 or 2021.

Please see Note 1 for additional information.

The carrying value of the Company’s long-term debt consisted of the following:

1 unchanged sentence

2.750 % Senior Notes due May 2024

$ 1,000 $ 1,000

3.000 % Senior Notes due May 2027

12 unchanged sentences

Other long-term debt consists of Guaranteed Senior Notes issued by the Company's Japan subsidiary, valued using Level 3 inputs.

The fair value of the Company's long-term debt, including the current portion, was approximately $ 6,000 and $ 7,692 at May 8, 2022, and August 29, 2021, respectively.

On December 1, 2021, the Company repaid, prior to maturity, the 2.300 % Senior Notes at a redemption price plus accrued interest as specified in the Notes' agreement.

The fair value of the Company's long-term debt, including the current portion, was approximately $ 5,816 and $ 6,033 at November 20, 2022, and August 28, 2022.

Note 5—Equity

The Company’s current quarterly dividend is $ 0.90 per share, compared to $ 0.79 in the third quarter of 2021.

On April 13, 2022, the Board of Directors declared a quarterly cash dividend in the amount of $ 0.90 per share, which was paid on May 13, 2022.

On October 12, 2022, the Board of Directors declared a quarterly cash dividend in the amount of $ 0.90 per share, which was paid on November 10, 2022.

Share Repurchase Program

The Company's share repurchase program is conducted under a $ 4,000 authorization by the Board of Directors, which expires in April 2023.

The remaining amount available under the program was $ 2,993 at May 8, 2022.

Share repurchase activity is summarized below:

At November 20, 2022, the remaining amount available under the plan was $ 2,667 .

The following table summarizes the Company's stock repurchase activity:

Shares Repurchased (000s) Average Price per Share Total Cost

Third quarter of 2022 254 $ 547.38 $ 139

First thirty-six weeks of 2022 490 $ 523.61 $ 257

Third quarter of 2021 519 $ 346.19 $ 179

First thirty-six weeks of 2021 1,040 $ 353.87 $ 368

These amounts may differ from the repurchase balances in the accompanying condensed consolidated statements of cash flows due to changes in unsettled repurchases at quarter end.

First quarter of 2023 285 $ 495.94 $ 141

First quarter of 2022 77 $ 455.08 $ 35

These amounts may differ from repurchases of common stock in the accompanying condensed consolidated statements of cash flows due to changes in unsettled stock repurchases at the end of each quarter.

Purchases are made from time to time, as conditions warrant, in the open market or in block purchases and pursuant to plans under SEC Rule 10b5-1.

4 unchanged sentences

Summary of Restricted Stock Unit Activity

At May 8, 2022, 10,411,000 shares were available to be granted as RSUs, and the following awards were outstanding:

At November 20, 2022, 8,652,000 shares were available to be granted as RSUs, and the following awards were outstanding:

• 2,976,000 time-based RSUs, which vest upon continued employment over specified periods and accelerate upon achievement of the long-service term;

2 unchanged sentences

• 135,000 performance-based RSUs, granted to executive officers of the Company, subject to achievement of performance targets for fiscal 2023, as determined by the Compensation Committee of the Board of Directors after the end of the fiscal year.

These awards are included in the table below.

The Company recognized compensation expense for these awards in the third quarter of 2022, as it is currently deemed probable that the targets will be achieved.

The following table summarizes RSU transactions during the first thirty-six weeks of 2022:

These awards are not included in the table below or in the amount of unrecognized compensation cost.

The following table summarizes RSU transactions during the first quarter of 2023:

Units (in 000s) Weighted-Average

4 unchanged sentences

Forfeited ( 20 ) 385.02

Outstanding at May 8, 2022 3,496 $ 338.37

The remaining unrecognized compensation cost related to RSUs unvested at May 8, 2022, was $ 890 , and the weighted-average period over which this cost will be recognized is 1.7 years.

Outstanding at November 20, 2022 3,017 $ 401.75

The remaining unrecognized compensation cost related to RSUs unvested at November 20, 2022, was $ 1,139 , and the weighted-average period over which this cost will be recognized is 1.8 years.

Summary of Stock-Based Compensation

The following table summarizes stock-based compensation expense and the related tax benefits:

12 Weeks Ended 36 Weeks Ended

12 Weeks Ended

2022 November 21,

Stock-based compensation expense

$ 90 $ 87 $ 606 $ 550

Less recognized income tax benefits 89 85

1 unchanged sentence

Note 7—Net Income per Common and Common Equivalent Share

The following table shows the amounts used in computing net income per share and the weighted average number of shares of basic and potentially dilutive common shares outstanding (shares in 000s):

12 Weeks Ended 36 Weeks Ended

The following table shows the amounts used in computing net income per share and the weighted average number of shares of basic and of potentially dilutive common shares outstanding (shares in 000s):

12 Weeks Ended

2022 November 21,

Net income attributable to Costco

5 unchanged sentences

444,531 444,604

Anti-dilutive RSUs

Anti-dilutive shares are excluded from the calculation of diluted shares and earnings per diluted share because their impact would increase earnings per diluted share.

Note 8—Commitments and Contingencies

5 unchanged sentences

The Company has recorded immaterial accruals with respect to certain matters described below, in addition to other immaterial accruals for matters not described below.

If the loss contingency at issue is not both probable and reasonably estimable, the Company does not establish an accrual, but will continue to monitor the matter for developments that will make the loss contingency both probable and reasonably estimable.

If the loss contingency at issue is not both probable and reasonably estimable, the Company does not establish an accrual, but will monitor the matter for developments that will make the contingency both probable and reasonably estimable.

In each case, there is a reasonable possibility that a loss may be incurred, including a loss in excess of the applicable accrual.

9 unchanged sentences

The Company filed an answer denying the material allegations of the complaint.

A bench trial was held in June and July;

no decision has been issued.

In June 2022, a business center employee raised similar claims alleging failure to provide seating to employees who work at membership refund desks in California warehouses and business centers.

Costco Wholesale Corp.

Alameda Superior Court).

The complaint seeks relief under the California Labor Code, including civil penalties and attorneys' fees.

The Company filed an answer denying the material allegations of the complaint.

In December 2018, a depot employee raised similar claims, alleging that depot employees in California did not receive suitable seating or reasonably comfortable workplace temperature conditions.

5 unchanged sentences

The parties settled the temperature claims for an immaterial amount in April 2022, and court approval was received in May 2022.

A February 2023 hearing has been set for a final report on the settlement.

In March 2019, employees filed a class action against the Company alleging claims under California law for failure to pay overtime, to provide meal and rest periods and itemized wage statements, to timely pay wages due to terminating employees, to pay minimum wages, and for unfair business practices.

7 unchanged sentences

Final court approval of the settlement was granted on May 3, 2022.

A proposed intervenor has appealed the denial of her motion to intervene.

In May 2019, an employee filed a class action against the Company alleging claims under California law for failure to pay overtime, to provide itemized wage statements, to timely pay wages due to terminating employees, to pay minimum wages, and for unfair business practices.

8 unchanged sentences

The state court action has been stayed pending resolution of the federal action.

In April 2020, an employee, alleging underpayment of sick pay, filed a class and representative action against the Company, alleging claims under California law for failure to pay all wages at termination and for Labor Code penalties under PAGA.

Costco Wholesale Corp.

5:20-cv-04119;

The case was stayed due to the plaintiff's bankruptcy, and his individual claim was settled for an immaterial amount.

The class and representative action claims were thereafter dismissed.

In December 2020, a former employee filed suit against the Company asserting collective and class claims on behalf of non-exempt employees under the Fair Labor Standards Act and New York Labor Law for failure to pay for all hours worked, failure to pay certain non-exempt employees on a weekly basis, and failure to provide proper wage statements and notices.

8 unchanged sentences

Nassau County Supreme Court).

The state court granted preliminary approval of the settlement in October 2022.

In August 2021, a former employee filed a similar suit, asserting class claims on behalf of certain non-exempt employees under New York Labor Law for failure to pay on a weekly basis.

1 unchanged sentence

2:21-cv-4814;

The Company answered the complaint on October 21, 2021, denying the material allegations.

The Company filed an answer, denying the material allegations of the complaint.

In April 2022, a former employee filed a similar suit, asserting class claims on behalf of certain non-exempt employees under New York Labor Law, as well as under the Fair Labor Standards Act, for failure to pay on a weekly basis and failure to pay overtime.

1 unchanged sentence

2:22-cv-02108;

In September 2022, an amended complaint was filed, asserting class claims on behalf of certain non-exempt employees under New York Labor Law for failure to pay on a weekly basis.

The Company responded by requesting permission to file a motion to dismiss.

The court has not responded.

In February 2021, a former employee filed a class action against the Company alleging violations of California Labor Code regarding payment of wages, meal and rest periods, wage statements, reimbursement of expenses, payment of final wages to terminated employees, and for unfair business practices.

4 unchanged sentences

The court granted the motion in part in July 2021 with leave to amend.

In August 2021, the plaintiff filed a second amended complaint and filed a separate representative action under PAGA asserting the same Labor

Code claims and seeking civil penalties and attorneys' fees.

In August 2021, the plaintiff filed a second amended complaint and filed a separate representative action under PAGA asserting the same Labor Code claims and seeking civil penalties and attorneys' fees.

The Company filed an answer to the second amended class action complaint, denying the material allegations.

The Company also filed an answer to the PAGA representative action, denying the material allegations.

On September 27, 2022, the parties reached a settlement for an immaterial amount.

The settlement requires court approval.

In July 2021, a former temporary staffing employee filed a class action against the Company and a staffing company alleging violations of the California Labor Code regarding payment of wages, meal and rest periods, wage statements, the timeliness of wages and final wages, and for unfair business practices.

3 unchanged sentences

The Company has moved to compel arbitration of the plaintiff's individual claims and to dismiss the class action complaint.

On September 7, 2021, the same former employee filed a separate representative action under PAGA asserting the same Labor Code violations and seeking civil penalties and attorneys' fees.

On September 7, 2021, the same former employee filed a separate representative

action under PAGA, asserting the same Labor Code violations and seeking civil penalties and attorneys' fees.

The case has been stayed pending the motion to compel in the related case.

6 unchanged sentences

In April 2022, a settlement for an immaterial amount was agreed upon, subject to court approval.

The court granted preliminary approval of the settlement on October 28, 2022.

A final approval hearing is set for February 10, 2023.

In March 2022, an employee filed a class action against the Company alleging violations of the California Labor Code regarding the failure to:

2 unchanged sentences

Los Angeles Superior Court).

The Court stayed the case, including the Company's filing of a responsive pleading, pending the initial status conference.

The Company filed an answer denying the material allegations.

In May 2022, an employee filed a PAGA-only representative action against the Company alleging claims under the California Labor Code regarding the payment of wages, meal and rest periods, the timeliness of wages and final wages, wage statements, accurate records and business expenses.

6 unchanged sentences

The Company is defending all of the pending matters.

Members of the Board of Directors, six corporate officers and the Company are defendants in a shareholder derivative action related to chicken welfare and alleged breaches of fiduciary duties.

Smith, et ano.

Vachris, et al., Superior Court of the State of Washington, County of King, No, 22-2-08937-7SEA, (filed 6/14/22, as amended, 6/30/22);

The complaint seeks from the individual defendants damages, injunctive relief, costs, and attorneys' fees.

A motion to dismiss the amended complaint has been filed.

The Company does not believe that any pending claim, proceeding or litigation, either alone or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows;

1 unchanged sentence

Note 9—Segment Reporting

The Company and its subsidiaries are principally engaged in the operation of membership warehouses in the U.S., Canada, Mexico, Japan, U.K., Korea, Australia, Spain, Iceland, France and China and through a majority-owned subsidiary in Taiwan.

Reportable segments are largely based on management’s organization of the operating segments for operational decisions and assessments of financial performance, which consider geographic locations.

The Company is principally engaged in the operation of membership warehouses through wholly owned subsidiaries in the U.S., Canada, Mexico, Japan, U.K., Korea, Taiwan, Australia, Spain, France, China, Iceland, New Zealand, and Sweden.

Reportable segments are largely based on management’s organization of the operating segments for operational decisions and assessments of financial performance, which considers geographic locations.

The material accounting policies of the segments are as described in the notes to the consolidated financial statements included in the Company's Annual Report filed on Form 10-K for the fiscal year ended August 28, 2022, and Note 1 above.

Inter-segment net sales and expenses have been eliminated in computing total revenue and operating income.

Effective for fiscal 2022, stock-based compensation was allocated to the segments in this reporting.

This change reflected a decision to evaluate the financial performance of the segments inclusive of this expense.

Operating income was restated in each of the segments for all prior periods to reflect this change.

The following table provides information for the Company's reportable segments:

4 unchanged sentences

Operations Total

12 Weeks Ended May 8, 2022

Total revenue $ 38,534 $ 7,268 $ 6,794 $ 52,596

Operating income 1,205 324 262 1,791

12 Weeks Ended May 9, 2021

Total revenue $ 32,759 $ 6,299 $ 6,219 $ 45,277

Operating income 1,135 260 268 1,663

36 Weeks Ended May 8, 2022

12 Weeks Ended November 20, 2022

Total revenue $ 40,145 $ 7,356 $ 6,936 $ 54,437

Operating income 1,236 288 227 1,751

36 Weeks Ended May 9, 2021

12 Weeks Ended November 21, 2021

Total revenue $ 36,317 $ 7,121 $ 6,925 $ 50,363

6 unchanged sentences

sales from e-commerce websites and business centers have been allocated to the applicable merchandise categories:

12 Weeks Ended 36 Weeks Ended

12 Weeks Ended

2022 November 21,

Foods and Sundries $ 21,448 $ 19,563

1 unchanged sentence

Fresh Foods 6,717 6,439

Ancillary and Other Businesses 11,395 7,630 30,032 19,998

Warehouse Ancillary and Other Businesses 11,240 9,253

Total net sales

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements